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		2020
Cash	$	100,592		$	88,345
Accounts receivable		101,345			84,242
Inventories		39,781			36,292
Total current assets	$	241,718		$	208,879
Net fixed assets		69,909			43,639
Total assets	$	311,627		$	252,518
Accounts payable	$	31,664		$	24,810
Accruals		31,338			22,805
Notes payable		15,291			13,181
Total current liabilities	$	78,293		$	60,796
Long-term debt		78,728			65,228
Total liabilities	$	157,021		$	126,024
Common stock		104,000			94,000
Retained earnings		50,606			32,494
Total common equity	$	154,606		$	126,494
Total liabilities and equity	$	311,627		$	252,518

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 $447,650,000, and EBITDA was 15% of sales. Furthermore, depreciation and amortization were 18% of net fixed assets, interest was $7,898,000, 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)
	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)
	Common Stock	Retained Earnings	Total Stockholders' 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	$ fill in the blank 24
Depreciation and amortization	fill in the blank 25
Increase in accounts payable	fill in the blank 26
Increase in accruals	fill in the blank 27
Increase in accounts receivable	fill in the blank 28
Increase in inventories	fill in the blank 29
Net cash provided by operating activities	$ fill in the blank 30
Investing Activities
Additions to property, plant, and equipment	$ fill in the blank 31
Net cash used in investing activities	$ fill in the blank 32
Financing Activities
Increase in notes payable	$ fill in the blank 33
Increase in long-term debt	fill in the blank 34
Increase in common stock	fill in the blank 35
Payment of common dividends	fill in the blank 36
Net cash provided by financing activities	$ fill in the blank 37
Summary
Net increase/decrease in cash	$ fill in the blank 38
Cash at the beginning of the year	fill in the blank 39
Cash at the end of the year	$ fill in the blank 40

c. Calculate 2020 and 2021 net operating working capital (NOWC) and 2021 free cash flow (FCF). Assume the firm has no excess cash.

NOWC₂₀₂₀: $ fill in the blank 41 thousand

NOWC₂₀₂₁: $ fill in the blank 42 thousand

FCF₂₀₂₁: $ fill in the blank 43 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 more/less/the same amount of corporate taxes and the company's shareholders would pay more/less/the same amount of taxes on the dividends they would receive.

e. Assume that the firm's after-tax cost of capital is 11.5%. What is the firm's 2021 EVA?

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?