Powell Panther Corporation: Balance Sheets as of December 31 (millions of dollars) Write out your answers completely for example, 25 miltion should be entered as 25,000,000. Round your answers to the nearest dollat, if necossary, Negative values, if any, should be indicated by a minus sign. a. What was net operating warking capital for 2020 and 2021 ? Assume the firm has no excess cash. 2020: 5 2021: 5 b. What was the 2021 free cash now? s. C. How would you explain the large increase in 2021 dividends? 1. The large increast in net income from 2020 to 2021 explains the iarge increase in 2021 dividends: 11. The large increabe in EaTr fram 2020 to 2021 explains the large increase in 2021 dividenda. 111. The large increase in sales from 2020 to 2021 explains the inge increase in 2021 dividends. F. The large increate in free cash now fram 2020 to 2021 explains the large increase in 2021 dividends. . The iarge increace in retained eaminge from 2020 to 2021 explains the large hovease in 2021 dividends Powell Panther Corporation: Income Statements for Year Ending December 31 (millions of dollars \begin{tabular}{lrr} & 2021 & 2020 \\ \hline Sales & $2,375.0 & $1,900.0 \\ Operating costs excluding depreciation and amortization & 1,959.0 & 1,615.0 \\ EBITDA & $416.0 & $285.0 \\ Depreciation and amortization & 66.0 & 57.0 \\ Earnings before interest and taxes (EBIT) & $350.0 & $228.0 \\ Interest & 52.3 & 41.8 \\ Earnings before taxes (EBT) & $297.7 & $186.2 \\ Taxes (25\%) & $119.1 & 74.5 \\ Net income & $178.6 & $111.7 \\ Common dividends & $160.7 & $89.4 \\ \hline \end{tabular}