Powell Panther Corporation: Income Statements for Year Ending December 31 (millons of dollars) a. What was net operating working capital for 2020 and 2021 ? Assume the firm has no excess cash. 2020 b. What was the 2021 free cash flow? 5 (3) c. How would you explain the large 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 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. IV. The large increase in free cash flow 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 dividends. Powell Panther Corporation: Income Statements for Year Ending December 31 (millons of dollars) a. What was net operating working capital for 2020 and 2021 ? Assume the firm has no excess cash. 2020 b. What was the 2021 free cash flow? 5 (3) c. How would you explain the large 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 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. IV. The large increase in free cash flow 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 dividends