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	$	101,648		$	89,205
Accounts receivable		105,393			85,854
Inventories		40,334			36,788
Total current assets	$	247,375		$	211,847
Net fixed assets		66,161			40,787
Total assets	$	313,536		$	252,634
Accounts payable	$	30,172		$	22,600
Accruals		32,603			24,474
Notes payable		14,859			12,309
Total current liabilities	$	77,634		$	59,383
Long-term debt		74,423			62,023
Total liabilities	$	152,057		$	121,406
Common stock		100,500			88,000
Retained earnings		60,979			43,228
Total common equity	$	161,479		$	131,228
Total liabilities and equity	$	313,536		$	252,634

1. Sales for 2021 were $459,650,000, and EBITDA was 14% of sales. Furthermore, depreciation and amortization were 19% of net fixed assets, interest was $7,746,000, 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
   Taxes (25%)	fill in the blank
   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 9.5%. What is the firm's 2021 EVA?

   $ _____ 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?

   $ _____ thousand