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NOWC2020 = Operating current assets - Operating current liabilities = (Total current assets - Excess cash) - (Current liabilities - Notes payable)FCF2021 = [EBIT(1 -

NOWC2020 = Operating current assets - Operating current liabilities = (Total current assets - Excess cash) - (Current liabilities - Notes payable)FCF2021 = [EBIT(1 - T) + Deprec.] - [Capital expenditures + NOWC]Total invested capital2021 = Notes payable + Long-term debt + Common equity. EVA = EBIT(1 - T) - (Total invested capital)(After-tax % cost of capital). MVA = (P0 x Number of shares outstanding) BV of common equity. Arlington Corporation's financial statements (dollars and shares are in millions) are provided here. Balance Sheets as of December 31 2021 2020 Assets Cash and equivalents $ 15,000 $ 11,000 Accounts receivable 35,000 30,000 Inventories 30,720 27,000 Total current assets $ 80,720 $ 68,000 Net plant and equipment 51,000 47,000 Total assets $131,720 $115,000 Liabilities and Equity Accounts payable $ 11,000 $ 9,500 Accruals 7,200 6,000 Notes payable 6,500 5,350 Total current liabilities $ 24,700 $ 20,850 Long-term bonds 15,000 15,000 Total liabilities $ 39,700 $ 35,850 Common stock (4,000 shares) 40,000 40,000 Retained earnings 52,020 39,150 Common equity $ 92,020 $ 79,150 Total liabilities and equity $131,720 $115,000 Income Statement for Year Ending December 31, 2021 Sales $216,000 Operating costs excluding depreciation and amortization 170,000 EBITDA $ 46,000 Depreciation & amortization 6,000 EBIT $ 40,000 Interest 750 EBT $ 39,250 Taxes (25%) 9,812.50 Net income $29,437.50 Dividends paid $16,567.50 Enter your answers in millions. For example, an answer of $25,000,000,000 should be entered as 25,000. Round your answers to the nearest whole number, if necessary. What was net operating working capital for 2020 and 2021? Assume that all cash is excess cash; i.e., this cash is not needed for operating purposes. 2020 $ million 2021 $ million What was Arlington's 2021 free cash flow? $ million Construct Arlington's 2021 statement of stockholders' equity. Statement of Stockholders' Equity, 2021 Common Stock Retained Earnings Total Stockholders' Equity Shares Amount Balances, 12/31/20 million $ million $ million $ million 2021 Net Income million Cash Dividends million Addition to retained earnings million Balances, 12/31/21 million $ million $ million $ million What was Arlington's 2021 EVA? Assume that its after-tax cost of capital is 10%. Round your answer to the nearest cent. $ million What was Arlington's MVA at year-end 2021? Assume that its stock price at December 31, 2021 was $25. Round your answer to the nearest cent. $ million

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