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	$	101,700		$	90,795
Accounts receivable		101,560			84,330
Inventories		38,500			34,893
Total current assets	$	241,760		$	210,018
Net fixed assets		66,105			40,752
Total assets	$	307,865		$	250,770
Accounts payable	$	29,242		$	22,300
Accruals		29,812			22,080
Notes payable		17,251			14,881
Total current liabilities	$	76,305		$	59,261
Long-term debt		77,956			65,106
Total liabilities	$	154,261		$	124,367
Common stock		98,000			88,000
Retained earnings		55,604			38,403
Total common equity	$	153,604		$	126,403
Total liabilities and equity	$	307,865		$	250,770

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.

1. Sales for 2021 were $463,650,000, and EBITDA was 14% of sales. Furthermore, depreciation and amortization were 18% of net fixed assets, interest was $9,534,000, 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

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 13			$ fill in the blank 14			$ fill in the blank 15
   Common stock issue		fill in the blank 16						fill in the blank 17
   2021 Net income					fill in the blank 18
   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

3. 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

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

   morelessthe same amount of

   corporate taxes and the company's shareholders would pay

   morelessthe 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?

   $ fill in the blank 46 thousand

6. Assume that the firm's stock price is $24 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