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Laiho Industries: Statement of Stockholders' Equity, December 31, 2021 (thousands of dollars) Common Stock Retained Earnings Total Stockholders' Equity Balances, December 31, 85000 $ 45690 130690 2020 Common stock issue 7500 2021 Net Income 36231 Cash dividends 92500 Addition to retained earnings Balances, December 31, $ 92500 2021 $ Laiho Industries: Statement of Cash Flows for 2021 (thousands of dollars) 2021 Operating Activities Net Income 36231 Depreciation and amortization 11182.43 Increase in accounts payable Increase in accruals Laiho Industries: Balance Sheets as of December 31 (thousands of dollars) 2021 2020 Cash $103, 110 $ 90,150 Accounts receivable 104,087 86,973 Inventories 38,421 34,943 Total current assets $245,618 $212,066 Net fixed assets 65,779 40,675 Total assets $311,397 $252,741 Accounts payable Accruals Notes payable Total current liabilities Long-term debt Total liabilities Common stock Retained earnings Total common equity Total liabilities and equity $ 29,824 31,698 16,032 $ 77,554 76,179 $153,733 92,500 65,164 $157,664 $311,397 $ 21,540 24,200 13,932 $ 59,672 62,379 $122,051 85,000 45,690 $130,690 $252,741 Operating Activities Net income $ 36231 11182.43 Depreciation and amortization Increase in accounts payable Increase in accruals Increase in accounts receivable Increase in inventories $ $ Net cash provided by operating activities Investing Activities Additions to property, plant, and equipment $ TA Net cash used in investing activities Financing Activities Increase in notes payable Increase in long-term debt $ Increase in common stock Payment of common dividends $ Net cash provided hv financing activities c. Calculate 2020 and 2021 net operating working capital (NOWC) and 2021 free cash flow (FCF). Assume the firm has no excess cash. NOWC2020: $ thousand NOWC2021: $ thousand FCF2021: $ thousand d. If 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 e. Assume that the firm's after-tax cost of capital is 9.5%. What is the firm's 2021 EVA? $ thousand f. Assume 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? $ thousand Laiho Industries: Income Statement for Year Ending December 31, 2021 (thousands of dollars) 2021 Sales $ 447650 Operating costs excluding depreciation and amortization 380502 EBITDA $ 67147 g Depreciation and amortization 11182.43 EBIT 55964 Interest 7657 EBT $ 48307 Taxes (25%) 12076 $ Net income $ 36231 Common dividends $ 16756.84 Addition to retained earnings $ 19474 b. Construct the statement of stockholders' equity for the year ending December 31, 2021, and the 2021 statement of cash flows. Laiho Industries: Statement of Stockholders' Equity, December 31, 2021 (thousands of dollars) Common Stock Retained Earnings Total Stockholders' Equity Balances, December 31, 85000 45690 $ 130690

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