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3-14 FREE CASH FLOW Arlington Corporation's financial statements (dollars and shares are in millions) are provided here. Balance Sheets as of December 31 2018 2017 $ 15,000 35,000 $ 14,000 30,000 3 33,320 $ 83,320 48,000 $131,320 27,000 $ 71,000 46,000 $ 117,000 $ 10,100 Assets Cash and equivalents Accounts receivable Inventories Total current assets Net plant and equipment Total assets Liabilities and Equity Accounts payable Accruals Notes payable Total current liabilities Long-term bonds Total liabilities Common stock (4,000 shares) Retained earnings Common equity Total liabilities and equity $ 9,000 6,000 8,000 7,000 $ 25,100 20,000 $ 45,100 5,050 $ 20,050 20.000 $ 40,050 40,000 36,950 $ 76,950 $ 117,000 40,000 46,220 $ 86,220 $131,320 Income Statement for Year Ending December 31, 2018 Sales Operating costs excluding depreciation and amortization EBITDA Depreciation and amortization EBIT Interest EBT Taxes (409) Net income Dividends paid $210,000 160,000 $ 50,000 6,000 $ 44,000 5,350 $ 38,650 15,460 $ 23,190 $ 13,920 a. What was net operating working capital for 2017 and 2018? Assume that all cash is excess.eshte this cash is not needed for renting umeses Total liabilities Common stock (4,000 shares) Retained earnings Common equity Total liabilities and equity $ 45,100 40,000 46,220 $ 86,220 $131,320 $ 40,050 40,000 36,950 $ 76,950 $ 117,000 Income Statement for Year Ending December 31, 2018 Sales $210,000 Operating costs excluding depreciation and amortization 160,000 EBITDA $ 50,000 Depreciation and amortization 6,000 EBIT $ 44,000 Interest 5,350 EBT $ 38,650 Taxes (40%) 15,460 Net income $ 23,190 Dividends paid $ 13.920 a. What was net operating working capital for 2017 and 2018? Assume that all cash is excess cash; i.e., this cash is not needed for operating purposes. b. What was Arlington's 2018 free cash flow? c Construct Arlington's 2018 statement of stockholders' equity