Powell Panther Corporation: Income Statements for Year Ending December 31 (millions 2021 2020 Sales $ 1,320.0 $1,200.0 Operating costs excluding depreciation and amortization 990.0 1,020.0 EBITDA $ 330.0 $ 180.0 Depreciation and amortization 32.0 25.0 Earnings before interest and taxes (EBIT) $ 298.0 $ 155,0 Interest 29.0 26.4 Earnings before taxes (EBT) $ 269,0 $ 128.6 Taxes (25%) 107.6 51.4 Net Income $ 161.4 $ 77.2 Common dividends $ 145.3 61.8 Powell Panther Corporation: Balance Sheets as of December 31 (millions of dollars) 2021 2020 Assets Cash and equivalents $ 21.0 $ 18.0 Accounts receivable 203.0 156.0 Inventories 216.0 180.0 Total current assets $ 440.0 $354.0 Net plant and equipment 315.0 252.0 Total assets $755.0 $606.0 Liabilities and Equity Accounts payable $106.0 $ 96.0 Accruals 86.0 72.0 Notes payable 26.4 24.0 Liabilities and Equity Accounts payable 5 1050 $96.0 Accruals 36.0 720 Notes payable 260 2440 Totat current abilities 5218.4 $192.0 Long-term bonds Total abilities 14320 Common stock 150,0 Retained earnings 23 Common equity 5270 Total abilities and equity $7550 5000.0 Write out your answers completely. For example, 25 million should be entered 25,000,000 Round your answers to the nearest dollar scenar Negatives should be indicated by a minusson . What was net operating working capital for 2020 and 2021 Assume the firm has no excess cash 2020 392 2021 What was the 2021 free cash flow? 5 How would you explain the large increase in 2021 dividends? I The large increase in net income from 2020 to 2021 explains the face increase in 2021 dividendi II The large increase in EBIT from 2020 to 2021 explains the large increase in 2021 dividends III. The large increase in sales from 2020 to 2021 explains the large increase in 2021 dividends. TV The large increase in retained earnings from 2020 to 2021 explains the large increase in 2021 dividends V. The large increase in free cash flow from 2020 to 2031 explains the large increase in 2021 dividends Sect