Powell Panther Corporation: Income Statements for Year Ending December 31 (Millions of Dollars) 2018 2017 Sales $2,310.0 $2,100.0 Operating costs excluding depreciation and amortization 1785.0 1,733.0 $ 577.0 $ 315.0 EBITDA Depreciation and amortization 53.0 46.0 $ 269.0 Earnings before interest and taxes (EBIT) 524.0 Interest 51.0 46.0 Earnings before taxes (EBT) 473.0 223.0 Taxes (40%) 189.2 89.2. Net income $ 283.8 $ 133.8 Common dividends $255.0 $107.0 Powell Panther Corporation: Balance Sheets as of December 31 (Millions of Dollars) 2017 2018 Assets Cash and equivalents $ 29.0 23.0 Accounts receivable 338.0 294.0 Inventories 437.0 336.0 Total current assets 804.0 $ 653.0 Net plant and equipment 531.0 462.0 Total assets $1,115.0 1,335.0 Liabilities and Equity Accounts payable 151.0 126.0 Accruals 121.0 105.0 Notes payable 46.0 42.0 Total current liabilities 318.0 $ 273.0 Long-term bonds 462.0 420.0 Total liabilities 780.0 693.0 Common stock 382.0 486.2 Retained earnings 68.8 40.0 Common equity $ 555.0 422.0 Total liabilities and equity $ 1,335.0 $1,115.0 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 2017 and 2018? Assume the firm has no excess cash. 2017: $ 2018: $ b. What was the 2018 free cash flow? $ c. How would you explain the large increase in 2018 dividends? I. The large increase in free cash flow from 2017 to 2018 explains the large increase in 2018 dividends. II. The large increase in net income from 2017 to 2018 explains the large increase in 2018 dividends III. The large increase in EBIT from 2017 to 2018 explains the large increase in 2018 dividends IV. The large increase in sales from 2017 to 2018 explains the large increase in 2018 dividends. v. The large increase in retained earnings from 2017 to 2018 explains the large increase in 2018 dividends -Select