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ty - Financial Statements, Cash Flow, and Taxes c. Calculate 2020 and 2021 net operating working capital (NOWC) and 2021 free cash flow (FCF). Assume the firm has no excess cash. NowC2020:&thousandNOWC2021:$thousandFCF2021:$thousand d. If Laiho increased its dividend payout ratio, what effect would this have on corporate taxes paid? What effect would this have on taxe company's sharehoiders? If Laiho increased its dividend payout ratio, the firm would pay corporate taxes and the company's shareholders taxes on the dividends they would receive. e. Assume that the firm's after-tax cost of capital is 10.5%. What is the firm's 2021 EVA? $ thousand f. Assume that the firm's stock price is $20 per share and that at year-end 2021 the firm has 10 million shares outstanding. What is the year-end 2021 ? \$ thousand Laiho Industries: Statement of Cach Flows for 2021 (thousands of dnllare) c. Calculate 2020 and 2021 net operating working capital (NOWC) and 2021 free cash flow (FCF). Assume the firm has no excess a. Sales tor 2021 were $454,150,000, and EBITDA was 15% of sales. Furthermore, depreciation and amortization were 17% of was $8,216,000, the corporate tax rate was 25%, and Laiho pays 46.25% of its net income as dividends. Given this informat 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 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) Lamo industries: Statement of Cash Flows for 2021 (thousands of dollars) vity - Financial Statements, Cash Flow, and Taxes Excel Activity: Financial Statements, Cash Flow, and Taxes Laiho Industries's 2020 and 2021 balance sheets (in thousands of dollars) are shown. The data has been collected in the Microsoft Excel file below. Download the spreadsheet and perform the required analysis to answer the not round intermediate calculations. Enter your answers in thousands. For example, an answer of $1 thousand should be entered as 1 , no answers to the nearest whole number. Use a minus sign to enter negative values, if any. Download spreadsheet Financial Statements, Cash Flow, and Taxes-3858ec.xIsx a. Sales for 2021 were $454,150,000, and EBHDA was 15% of sales. Furthermore, depreciation and amortization were 17% of net fix was $8,216,000, the corporate tax rate was 25%, and Laiho pays 46.25% of its net income as dividends. Given this information, co