Sales for $2021$ were $$476,650,000,$ and EBITDA was $14\%$ of sales. Furthermore, depreciation and amortization were $19\%$ of net fixed assets, interest was $$8,576,000,$ the corporate tax rate was $25\%,$ and Laiho pays $48\mathrm{.}25\%$ of its net income as dividends. Given this information, construct the firm's $2021$ income statement.

Laiho Industries: Income Statement for Year Ending December $31,2021($thousands of dollars$)2021$Sales$ fill in the blank

Operating costs excluding depreciation and amortizationfill in the blank

$3$EBITDA$ fill in the blank

$4$ Depreciation and amortizationfill in the blank $5$EBIT$ fill in the blank

$6$ Interestfill in the blank

$7$EBT$ fill in the blank

$8$ Taxes $(25\%)$fill in the blank

$9$Net income$ fill in the blank

$10$ Common dividends$ fill in the blank

$11$Addition to retained earnings$ fill in the blank

b$.$ Construct the statement of stockholders' equity for the year ending December $31,2021,$ and the $2021$ statement of cash flows. Hint: The difference in accumulated depreciation from one year to the next is the annual depreciation expense for the year.

Laiho Industries: Statement of Stockholders' Equity, December $31,2021($thousands of dollars$)$Common StockRetained EarningsTotal Stockholders' EquityBalances, December $31,2020$$ fill in the blank $13$$ fill in the blank $14$$ fill in the blank $15$Common stock issuefill in the blank $16$fill in the blank $172021$ Net incomefill in the blank $18$Cash dividendsfill in the blank $19$Addition to retained earningsfill in the blank $20$Balances, December $31,2021$$ fill in the blank $21$$ fill in the blank $22$$ fill in the blank $23$Laiho Industries: Statement of Cash Flows for $2021($thousands of dollars$)2021$Operating ActivitiesNet income$ fill in the blank $24$Depreciation and amortizationfill in the blank $25$Increase in accounts payablefill in the blank $26$Increase in accrualsfill in the blank $27$Increase in accounts receivablefill in the blank $28$Increase in inventoriesfill in the blank $29$ Net cash provided by operating activities$ fill in the blank $30$Investing ActivitiesAdditions to property, plant, and equipment$ fill in the blank $31$ Net cash used in investing activities$ fill in the blank $32$Financing ActivitiesIncrease in notes payable$ fill in the blank $33$Increase in long$-$term debtfill in the blank $34$Increase in common stockfill in the blank $35$Payment of common dividendsfill in the blank $36$ Net cash provided by financing activities$ fill in the blank $37$SummaryNet increase$/$decrease in cash$ fill in the blank $38$Cash at the beginning of the yearfill in the blank $39$Cash at the end of the year$ fill in the blank $40$Calculate $2020$ and $2021$ net operating working capital $($NOWC$)$ and $2021$ free cash flow $($FCF$).$ Assume the firm has no excess cash.NOWC$2020$: $ fill in the blank $41$ thousandNOWC$2021$: $ fill in the blank $42$ thousandFCF$2021$: $ fill in the blank $43$ thousandIf Laiho increased its dividend payout ratio, what effect would this have on corporate taxes paid? What effect would this have on taxes paid by the company's shareholders?If Laiho increased its dividend payout ratio, the firm would pay corporate taxes and the company's shareholders would pay taxes on the dividends they would receive.Assume that the firm's after$-$tax cost of capital is $11\mathrm{.}5\%.$ What is the firm's $2021$ EVA?$ fill in the blank $46$ thousandAssume that the firm's stock price is $$22$ per share and that at year$-$end $2021$ the firm has $10$ million shares outstanding. What is the firm's MVA at year$-$end $2021?$$ fill in the blank $47$ thousand