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	$	105,806		$	89,555
Accounts receivable		100,345			83,556
Inventories		36,261			33,283
Total current assets	$	242,412		$	206,394
Net fixed assets		65,895			40,632
Total assets	$	308,307		$	247,026
Accounts payable	$	31,053		$	23,990
Accruals		30,169			22,991
Notes payable		15,203			12,823
Total current liabilities	$	76,425		$	59,804
Long-term debt		77,305			62,955
Total liabilities	$	153,730		$	122,759
Common stock		105,000			95,000
Retained earnings		49,577			29,267
Total common equity	$	154,577		$	124,267
Total liabilities and equity	$	308,307		$	247,026

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-b4cfa8.xlsx

1. Sales for 2021 were $462,650,000, and EBITDA was 15% of sales. Furthermore, depreciation and amortization were 17% of net fixed assets, interest was $7,815,000, 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	$ fill in the blank
   Operating costs excluding depreciation and amortization	fill in the blank
   EBITDA	$ fill in the blank
   Depreciation and amortization	fill in the blank
   EBIT	$ fill in the blank
   Interest	fill in the blank
   EBT	$ fill in the blank 8
   Taxes (25%)	fill in the blank 9
   Net income	$ fill in the blank
   Common dividends	$ fill in the blank
   Addition to retained earnings	$ fill in the blank

2. 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		$ fill in the blank			$ fill in the blank			$ fill in the blank
   Common stock issue		fill in the blank						fill in the blank
   2021 Net income					fill in the blank
   Cash dividends					fill in the blank
   Addition to retained earnings								fill in the blank
   Balances, December 31, 2021		$ fill in the blank			$ fill in the blank			$ fill in the blank

   Laiho Industries: Statement of Cash Flows for 2021 (thousands of dollars)
   	2021
   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	$

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

   NOWC₂₀₂₀: $ thousand

   NOWC₂₀₂₁: $ thousand

   FCF₂₀₂₁: $ thousand

4. 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.

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

   $ thousand

6. Assume that the firm's stock price is $23 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