Laiho Industries's 2020 and 2021 balance sheets (in thousands of dollars) are shown. Laiho Industries: Balance Sheets as of December 31 (thousands of dollars) 2021 Cash $103,560 Accounts receivable 101,219 Inventories 38,624 Total current assets $243,403 Net fixed assets Total assets 65,994 $309,397 Accounts payable Accruals Notes payable Total current liabilities Long-term debt Total liabilities Common stock Retained earnings Total common equity Total liabilities and equity 2020 $ 88,720 84,873 35,380 $208,973 42,556 $251,529 $ 30,418 29,508 15,449 $ 75,375 78,204 $153,579 $ 22,830 22,573 12,959 $ 58,362 64,104 $122,466 97,000 87,000 58,818 42,063 $155,818 $309,397 $129,063 $251,529 The data has been collected in the Microsoft Excel file below. Download the spreadsheet and perform the required analysis to answer the questions below. Do not round intermediate calculations. Enter your answers in thousands. For example, an answer of $1 thousand should be entered as 1, not 1,000. Round your answers to the nearest whole number. Use a minus sign to enter negative values, if any. a. Sales for 2021 were $459,650,000, and EBITDA was 14% of sales. Furthermore, depreciation and amortization were 19% of net fixed assets, interest was $8,644,000, the corporate tax rate was 25%, and Laiho pays 48.25% of its net income as dividends. Given this information, construct the firm's 2021 income statement. Laiho Industries: Income Statement for Year Ending December 31, 2021 (thousands of dollars) Sales Operating costs excluding depreciation and amortization EBITDA Depreciation and amortization EBIT Interest EBT Taxes (25%) Net income $ 2021 Common dividends Addition to retained earnings b. Construct the statement of stockholders' equity for the year ending December 31, 2021, and the 2021 statement of cash flows. Hint: The difference in accumulated depreciation from one year to the next is the annual depreciation expense for the year. Laiho Industries: Statement of Stockholders' Equity, December 31, 2021 (thousands of dollars) Balances, December 31, 2020 Common Stock Total Stockholders' Retained Earnings Equity $ $ Laiho Industries: Statement of Stockholders' Equity, December 31, 2021 (thousands of dollars) Total Stockholders' Balances, December 31, 2020 Common stock issue 2021 Net income Cash dividends Addition to retained earnings Common Stock Retained Earnings $ Balances, December 31, 2021 $ Laiho Industries: Statement of Cash Flows for 2021 (thousands of dollars) Operating Activities Net income Depreciation and amortization Increase in accounts payable Increase in accruals Increase in accounts receivable Increase in inventories Net cash provided by operating activities $ Investing Activities Additions to property, plant, and equipment Net cash used in investing activities Financing Activities Increase in notes payable Increase in long-term debt Increase in common stock $ $ Payment of common dividends Net cash provided by financing activities $ Summary Net increase/decrease in cash Cash at the beginning of the year Cash at the end of the year $ 2021 Equity c. Calculate 2020 and 2021 net operating working capital (NOWC) and 2021 free cash flow (FCF). Assume the firm has no excess cash. NOWC2020: $ NOWC2021 $ FCF2021 $ thousand thousand thousand d. If Laiho increased its dividend payout ratio, what effect would this have on corporate taxes paid? What effect would this have on taxes paid by the company's shareholders? If Laiho increased its dividend payout ratio, the firm would pay they would receive. e. Assume that the firm's after-tax cost of capital is 10.5%. What is the firm's 2021 EVA? $ thousand corporate taxes and the company's shareholders would p more less the same amount of f. Assume that the firm's stock price is $22 per share and that at year-end 2021 the firm has 10 million shares outstanding. What is the firm's MVA at year-end 2021? $ thousand taxes on the dividends