Powell Panther Corporation: Balance Sheets as of December 31 (millions of dollars) Wrte out your answers completely, For example, 25 million should be entered as 25,000,000. Round your answers to the nearest dollar, if necessary, Negative values, 1f any, snio ze indlcated by a minus sign. 3. What was net operating working capital for 2020 and 2021 2 Assume the firm has no excess cash. 2020:$2021$ b. What was the 2021 free cash fiow? 3 c. How would you expiain the lorge increase in 2021 dividends? 1. The large increase in net income from 2020 to 2021 explains the large increase in 2021 dividends. II. The large incresse in EBIT trom 2020 to 2021 explains the lorge increase in 2021 dividends. III. The large increase in sales from 2020 to 2021 explains the large increase in 2021 dividends. iv. The large increase in free cash fow from 2020 to 2021 exploins the large increate in 2021 dividends. V. The targe increase in rotained earnings from 2020 to 2021 explains the large increase in 2021 ovidends