Lailho Industries's $2020$ and $2021$ balance sheets $($In thousands of dollars$)$ are shown.

Download spreadsheet Financlal Statements, Cash Flow, and Taxes$-$dc$2302.$xlsX

Laiho Industries: Income Statement for Year Ending December $31,2021$

$($thousands of dollars$)$

$2021$

Laiho Industries: Statement of Stockholders' Equity, December $31,2021($thousands of dollars$)$

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

d$.$ If Lalho Increased its dividend payout ratio, what effect would this have on corporate taxes pald? What effect would this have on taxes pald by the company's shareholders?

If Lalno Increased its dividend payout ratio, the firm would pa;

e$.$ Assume that the firm's after$-$tax cost of capital is $9\mathrm{.}5\%.$ What is the firm's $2021$ EVA?

$$,$ thousand

f$.$ Assume that the firm's stock price is $$20$ per share and that at year$-$end $2021$ the firm has $10$ million shares outstanding. What is the firm's MVA at year$-$end $2021?$