Powell Panther Corporation: Income Statements for Year Ending December 31 (millions of dollars) Powell Panther Corporation: Balance Sheets as of December 31 (millions of dollars) Ch 03. End-of-Chapter Problems - Financial Statements, Cash Flow, and Taxes Write 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, If any, should be indicated by a minus sign. a. What was net operating working capital for 2020 and 2021? Assume the firm has no excess cash. 2020:5 2021: 5 b. What was the 2021 free cash flow? 5 c. How would you explain the large increase in 2021 dividends? 1. The iarge increase in net inconse from 2020 to 2021 explains the large increase in 2021 dividends. H. The iarge increase in Eatt trom 2020 to 2021 explains the large increase in 2021 dividends. III. The large increase in sales from 2020 to 2021 explains the iarge increase in 2021 dividends. TV. The large increase in tree emh flow from 2020 to 2021 explains the large increase in 2021 dividends. V. The large increase in retained earrings from 2020 to 2021 explains the large increase in 2021 dividends