Please Answer all of the questions below with the Balance sheet.

Laiho Industries: Balance sheet as of December $31($thousands of dollars$)$

A$.$ Sales for $2023$ were $$455,150,000$ and EBITDA was $15\%$ of sales. Furthermore,

depreciation and amortization were $18\%$ of net fixed assets, interest was $$8,583,000,$

the corporate tax rate was $25\%,$ and Laiho pays $47\mathrm{.}25\%$ of its net income as dividends.

Given this information, construct the firm's $2023$ income statement.

B$.$ Construct the statement of stockholders' equity for the year ending December $31,2023,$ and the

$2023$ statement of cash flows.

C$.$ Calculate $2022$ and $2023$ net operating working capital $($NOWC$)$ and $2023$ free cash flow $($FCF$).$

Assume the firm has no excess cash.

D$.$ 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?$|$

E$.$ Assume that the firm's stock price is $$22$ per share, and that at year$-$end $2023$ the firm has $10$

million shares outstanding. What is the firm's MVA at year$-$end $2023?$