taino industries's 2020 and 2021 batance sheets (in thousands of doltars) are sthown. Laiho Industries: Balance Sheets as of December 31 (thousands of dollars) The data has been collected in the Microsof Excel fle below. Downlosd the spreadsheet and perform the required analysis to answer the questians below. Do not round intermediste calculations. Fnter your answers in thousands. For example, an answer of $1 thousand should be entered as 1 , not 1,000. Round rour answers to the nearest whole number. Use a minus sign so enter negative values, if any. a. Sales for 2021 were $473,650,000, and EEITDA was 14% of sales, Furthermore, depreciation and amortization were 17% of nec fixed assets, interest was $8,409,000, the corporate tax rate was 25%, and taho pays 47,25% of its net income as dividends, Given this information, construct the firm's 2021 income statement. Laiho Industries: Income Statement for Year Ending December 31, 2021 (thousands of dollars) b. Construct the statement of stockholders' equity for the year ending December 31,2021 , and the 2021 statement of cash flows. Hint: The difference in accumulated depreclation from one year to the next is the annual depreclation expense for the year. C. Calculate 2020 and 2021 net operating working clbital (NOWC) and 2021 free cash flow (FCF). Assume the firm has no excess cash. \begin{tabular}{ll} NOWC 2020 is & thousand \\ NOWC & \\ FCF 2021 is 5 thousand \end{tabular} NOWC2020:5thousandNOWC2021:$thousandFCF202t5thousand d. If Laino 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? It 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. e. Assume that the firm's after-tax cost of capital is 11.5\%. What is the firm's 2021 .VA? 5 thousand 7. Assume that the firm's stock price is $20 per share and that at year-end 2021 the firm has 10 miltion shares outstandirng. What is the firm's MvA at year-end 2021 ? $ thousand Ready WAccessibility Investiante b. Constructing the statement of stockholders' equily for the year ending December 31, 2021. and the 2021 statement of essh flows Laine industries: Statement of Stochhelels' Equily, December 31, 2021 (In thousands of dollars) Depreciation and amortization Increase in accounts payable incresse in occruals Increase in accounts recolvable Increase in inventories Not cash provided by operating activities Investing Activities Additions to property, plant, and equipment Net cash used in investing activities Financing Activities Increase in notes payable Incroase in longtem debt increase in common stock Payment of common dividends Not cash provided by financing activities Summary Not increaseidecrease in cash Cash of the beginning of the year Cash at the end of the year. \begin{tabular}{|r|r|} \hline HN/A \\ \hline HN/A \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline & HNA \\ \hline & HN/A \\ \hline & \\ \hline & \\ \hline & WNA \\ & WNA \\ & HNAA \\ & HNA \\ \hline HNA \\ \hline \end{tabular} c. Calcutating 2020 and 2021 net operating working capital (NOWC) and 2021 free cash flow (FCF) Excesss cash 50 NOWC rep (n thousands of dollars) NOWC Enen (n thousands of dollars) FCF, (n thousands of dollars) \begin{tabular}{|l|l|} \hline \\ \hline INA \\ \hline ANA \\ \hline HNA \\ \hline HNA \\ \hline \end{tabular} e. Calculating the firm's 2021EVA Aftertax cont of ceptal EVA zeri (in thousands of dolarn) working capital (NOWC) and 2021 free cash flow (FCF) \begin{tabular}{r} \text {\( S0 } \) \\ \text {\( WN/A } \) \\ \text {\( WNA } \) \\ \text {\( WNA } \) \end{tabular} \] t. Calculating the firm's MVA st yearend 2021 Stock price Shares outstanding MVA, vas (in thousands of dolars) $20 10.000