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)20212020Cash$103,871$91,455Accounts receivable102,71184,767Inventories38,12234,283Total current assets$244,704$210,505Net fixed assets65,85541,782Total assets$310,559$252,287Accounts payable$32,768$24,910Accruals29,19422,215Notes payable17,70515,675Total current liabilities$79,667$62,800Long-term debt75,20864,858Total liabilities$154,875$127,658Common stock102,50090,000Retained earnings53,18434,629Total common equity$155,684$124,629Total liabilities and equity$310,559$252,287

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 $465,650,000, and EBITDA was 14% of sales. Furthermore, depreciation and amortization were 17% of net fixed assets, interest was $7,967,000, 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)2021Sales$ fill in the blank 2Operating costs excluding depreciation and amortizationfill in the blank 3EBITDA$ fill in the blank 4Depreciation and amortizationfill in the blank 5EBIT$ fill in the blank 6Interestfill in the blank 7EBT$ fill in the blank 8Taxes (25%)fill in the blank 9Net income$ fill in the blank 10Common dividends$ fill in the blank 11Addition 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 StockRetained EarningsTotal Stockholders' EquityBalances, December 31, 2020$ fill in the blank 13$ fill in the blank 14$ fill in the blank 15Common stock issuefill in the blank 16fill in the blank 172021 Net incomefill in the blank 18Cash dividendsfill in the blank 19Addition to retained earningsfill in the blank 20Balances, 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)2021Operating ActivitiesNet income$ fill in the blank 24Depreciation and amortizationfill in the blank 25Increase in accounts payablefill in the blank 26Increase in accrualsfill in the blank 27Increase in accounts receivablefill in the blank 28Increase in inventoriesfill in the blank 29Net cash provided by operating activities$ fill in the blank 30Investing ActivitiesAdditions to property, plant, and equipment$ fill in the blank 31Net cash used in investing activities$ fill in the blank 32Financing ActivitiesIncrease in notes payable$ fill in the blank 33Increase in long-term debtfill in the blank 34Increase in common stockfill in the blank 35Payment of common dividendsfill in the blank 36Net cash provided by financing activities$ fill in the blank 37SummaryNet increase/decrease in cash$ fill in the blank 38Cash at the beginning of the yearfill in the blank 39Cash 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 41 thousand

NOWC₂₀₂₁: $ fill in the blank 42 thousand

FCF₂₀₂₁: $ fill in the blank 43 thousand

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

1. corporate taxes and the company's shareholders would paytaxes 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?

$ fill in the blank 46 thousand

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?

$ fill in the blank 47 thousand

morelessthe same amount of