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	$	101,207		$	89,080
Accounts receivable		103,916			87,186
Inventories		36,375			33,345
Total current assets	$	241,498		$	209,611
Net fixed assets		69,303			44,177
Total assets	$	310,801		$	253,788
Accounts payable	$	31,965		$	25,070
Accruals		27,952			20,731
Notes payable		15,257			13,167
Total current liabilities	$	75,174		$	58,968
Long-term debt		77,149			64,399
Total liabilities	$	152,323		$	123,367
Common stock		106,500			94,000
Retained earnings		51,978			36,421
Total common equity	$	158,478		$	130,421
Total liabilities and equity	$	310,801		$	253,788

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.

Sales for 2021 were $436,650,000, and EBITDA was 14% of sales. Furthermore, depreciation and amortization were 19% of net fixed assets, interest was $8,641,000, the corporate tax rate was 25%, and Laiho pays 47.25% 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	$ fill in the blank 2
Operating costs excluding depreciation and amortization	fill in the blank 3
EBITDA	$ fill in the blank 4
Depreciation and amortization	fill in the blank 5
EBIT	$ fill in the blank 6
Interest	fill in the blank 7
EBT	$ fill in the blank 8
Taxes (25%)	fill in the blank 9
Net income	$ fill in the blank 10
Common dividends	$ fill in the blank 11
Addition to retained earnings	$ fill in the blank 12

• 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					fill in the blank 19
  Addition to retained earnings								fill in the blank 20
  Balances, December 31, 2021		$ fill in the blank 21			$ fill in the blank 22			$ fill in the blank 23

  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

• 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

  NOWC₂₀₂₁: $ fill in the blank

  FCF₂₀₂₁: $ fill in the blank

• 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

  morelessthe same amount of

  corporate taxes and the company's shareholders would pay

  morelessthe same amount of

  taxes on the dividends they would receive.

• Assume that the firm's after-tax cost of capital is 10.5%. What is the firm's 2021 EVA?

• Assume that the firm's stock price is $21 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?