Powell Panther Corporation: Income Statements for Year Ending December 31 (millions of dollars) 2021 Seles $3,750.0 Operating costs excluding depreciation and amortization 2.906.0 2020 $3,000.0 2.550.0 EBITDA $844.0 $ 450.0 Depreciation and amortization 100.0 Earnings before interest and taxes (EBIT) Interest $ 744.0 82.5 12.0 $3630 00.0 Earnings before taxes (EBT) Taxes (25%) Net income $661.5 254.0 $396.9 $297.0 118.8 $178.2 Common dividends Powell Panther Corporation: Balance Sheets as of December 31 (millions of dollars) $357.2 $142.5 2021 2020 A Cash and equivalents Accounts receivatie Inventories Total current assets Net plant and equipment $ 36.0 $ 45.0 495.0 563.0 $1,114.0 1.001.0 450.0 450.0 $ 945.0 870.0 Total assets $7.115.0 $1,815.0 Liabilities and Equity Accounts payable $11.0 $270.0 Accruals Notes payable 113.0 25.0 90.0 60.0 Tutal current liabilities $499,0 $420.0 Long-term bonds 250.0 600.0 Total labies $1,249.0 $1,020.0 Common stock Retained earnings 772.9 741.6 22.1 33.4 Common equity Total abilities and equity $60.0 $295.0 $2.115.0 $1,015.0 Write out your answers completely for example, 25 million should be entered as 25,000,000. Round your ans Total abilities and equity 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 20217 Assume the firm has no excess cash, 20205 2021:5 b. What was the 2021 free cash flow? $ How would you explain the large increase in 2021 dividends? 1. The large increase in free cash flow from 2020 to 2021 expleins the large increase in 2021 dividends 11. The large increase in net income from 2020 to 2021 explains the large increase in 2021 dividends III. The large increase in EBT from 2020 to 3021 explains the large increase in 2021 dividends TV The large increase in sales from 2020 to 2021 explains the large increase in 2021 dividends V. The large increase in retained earnings from 2020 to 2021 explains the large increase in 2021 dividend