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) Cash Accounts receivable Inventories Total current assets Net fixed assets Total assets Accounts payable Accruals 2021 $100,977 105,438 37,533 $243,948 2020 $ 91,370 86,601 34,113 65,627 $309,575 $212,084 40,810 $252,894 $ 28,692 28,898 15,387 73,897 $146,874 $ 21,660 21,516 13,087 $ 56,263 61,997 $118,260 Notes payable Total current liabilities $ 72,977 Long-term debt Total liabilities Common stock Retained earnings Total common equity Total liabilities and equity 99,000 89,000 63,701 45,634 $162,701 $309,575 $134,634 $252,894 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. Download spreadsheet Financial Statements, Cash Flow, and Taxes-1b7fa1.xlsx a. Sales for 2021 were $473,150,000, and EBITDA was 14% of sales. Furthermore, depreciation and amortization were 19% of net fixed assets, a. Sales for 2021 were $473,150,000, and EBITDA was 14% of sales. Furthermore, depreciation and amortization were 19% of net fixed assets, interest was $8,954,000, the corporate tax rate was 25%, and Laiho pays 46.25% 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) 2021 Sales 473150000 Operating costs excluding depreciation and amortization 18926000 EBITDA 66241000 Depreciation and amortization 12469 EBIT $ 66531 Interest 8954000 EBT $ 57274531 Taxes (25%) Net income 16560250 $ 40714281 Common dividends Addition to retained earnings 18830355 $ 21883926 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) Common Stock ----- Retained Earnings Total Stockholders' Equity 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) Total Stockholders' Equity Common Stock Retained Earnings Balances, December 31, 2020 $ 89000 $ 45634 Common stock issue 10000 2021 Net income Cash dividends 40714281 18830355 $ 134634 10000 Addition to retained earnings 21883926 Balances, December 31, 2021 $ 99000 $ 21883926 $ 22028560 Laiho Industries: Statement of Cash Flows for 2021 (thousands of dollars) 2021 Operating Activities Net income Depreciation and amortization 40714281 12469 Increase in accounts payable 7032 Increase in accruals 7382 Increase in accounts receivable 18837 X Increase in inventories 3400 Net cash provided by operating activities $ 40718927 Investing Activities Additions to property, plant, and equipment 37286 37286 Net cash used in investing activities Financing Activities Increase in notes payable 2300 Financing Activities Increase in notes payable Increase in long-term debt Increase in common stock 2300 11900 10000 Payment of common dividends 18830355 Net cash provided by financing activities $ -18806155 Summary Net increase/decrease in cash Cash at the beginning of the year Cash at the end of the year $ 9607 91370 100977 c. Calculate 2020 and 2021 net operating working capital (NOWC) and 2021 free cash flow (FCF). Assume the firm has no excess cash. NOWC2020: $ 77538 thousand 85381 thousand thousand NOWC2021: $ FCF2021: $ 4931514 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 the same amount of pay more taxes on the dividends they would receive. e. Assume that the firm's after-tax cost of capital is 9.5%. What is the firm's 2021 EVA? corporate taxes and the company's shareholders would $ thousand f. Assume that the firm's stock price is $24 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? f. Assume that the firm's stock price is $24 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