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 2021 $112,526 Accounts receivable 103,168 Inventories 38,305 Total current assets $253,999 Net fixed assets 65,605 Total assets $319,604 Accounts payable Accruals Notes payable 2020 $ 90,785 84,996 35,294 $211,075 41,942 $253,017 $ 28,950 29,546 16,696 $ 21,330 20,974 14,286 $ 56,590 Total current liabilities $ 75,192 79,636 Long-term debt Total liabilities Common stock Retained earnings Total common equity Total liabilities and equity $154,828 103,500 61,276 $164,776 $319,604 65,536 $122,126 91,000 39,891 $130,891 $253,017 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-464d1e.xlsx a. Sales for 2021 were $465,650,000, and EBITDA was 16% of sales. Furthermore, depreciation and amortization were 19% of net fixed assets, interest was $8,992,000, 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) Sales Operating costs excluding depreciation and amortization FATTRA 2021 $ Download spreadsheet Financial Statements, Cash Flow, and Taxes-464d1e.xlsx a. Sales for 2021 were $465,650,000, and EBITDA was 16% of sales. Furthermore, depreciation and amortization were 19% of net fixed assets, interest was $8,992,000, 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 $ Operating costs excluding depreciation and amortization EBITDA $ Depreciation and amortization EBIT Interest EBT Taxes (25%) Net income $ $ $ 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) Total Stockholders' Common Stock Retained Earnings Equity Balances, December 31, 2020 $ $ $ Common stock issue 2021 Net income Cash dividends Addition to retained earnings Balances, December 31, 2021 $ $ Laiho Industries: Statement of Cash Flows for 2021 (thousands of dollars) 2021 Operating Activities Net income $ $ 2021 Net income Cash dividends Addition to 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 $ c. Calculate 2020 and 2021 net operating working capital (NOWC) and 2021 free cash flow (FCF). Assume the firm has no excess cash. NOWC2020: $ thousand NOWC 2021 $ FCF 2021: $ 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? 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 $ $ c. Calculate 2020 and 2021 net operating working capital (NOWC) and 2021 free cash flow (FCF). Assume the firm has no excess cash. NOWC 2020: $ NOWC2021: $ thousand thousand FCF 2021 $ 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 corporate taxes and the company's shareholders would pay e. Assume that the firm's after-tax cost of capital is 9.5%. What is the firm's 2021 EVA? $ thousand 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 they would receive.