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Laiho Industries's $2020$ and $2021$ balance sheets $($in thousands of dollars$)$ are shown.

Laiho Industries: Balance Sheets as of December $31($thousands of dollars$)$

$20212020$

Cash $ $101,254$ $ $88,155$

Accounts receivable $103,35687,501$

Inventories $37,61534,609$

Total current assets $ $242,225$ $ $210,265$

Net fixed assets $67,44442,220$

Total assets $ $309,669$ $ $252,485$

Accounts payable $ $31,652$ $ $24,170$

Accruals $31,03423,377$

Notes payable $16,16813,568$

Total current liabilities $ $78,854$ $ $61,115$

Long$-$term debt $73,99662,896$

Total liabilities $ $152,850$ $ $124,011$

Common stock $102,00092,000$

Retained earnings $54,81936,474$

Total common equity $ $156,819$ $ $128,474$

Total liabilities and equity $ $309,669$ $ $252,485$

The data has been collected in the Microsoft Excel file below. Download the spreadsheet and perform the required analysis to answer the questions below. Do not round intermediate calculations. Enter your answers in thousands. For example, an answer of $$1$ thousand should be entered as $1,$ not $1,000.$ Round your answers to the nearest whole number. Use a minus sign to enter negative values, if any.

Download spreadsheet Financial Statements, Cash Flow, and Taxes$-$d$6$d$822.$xlsx

Sales for $2021$ were $$445,150,000,$ and EBITDA was $15\%$ of sales. Furthermore, depreciation and amortization were $18\%$ of net fixed assets, interest was $$8,264,000,$ the corporate tax rate was $25\%,$ and Laiho pays $47\mathrm{.}25\%$ 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 $2$

Operating costs excluding depreciation and amortization fill in the blank $3$

EBITDA $ fill in the blank $4$

Depreciation and amortization fill in the blank $5$

EBIT $ fill in the blank $6$

Interest fill 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 $12$

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 Stock Retained Earnings Total Stockholders' Equity

Balances, December $31,2020$ $ fill in the blank $13$

$ fill in the blank $14$

$ fill in the blank $15$

Common stock issue fill in the blank $16$

fill in the blank $17$

$2021$ Net income fill in the blank $18$

Cash dividends fill in the blank $19$

Addition to retained earnings fill 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 Activities

Net income $ fill in the blank $24$

Depreciation and amortization fill in the blank $25$

Increase in accounts payable fill in the blank $26$

Increase in accruals fill in the blank $27$

Increase in accounts receivable fill in the blank $28$

Increase in inventories fill in the blank $29$

Net cash provided by operating activities $ fill in the blank $30$

Investing Activities

Additions to property, plant, and equipment $ fill in the blank $31$

Net cash used in investing activities $ fill in the blank $32$

Financing Activities

Increase in notes payable $ fill in the blank $33$

Increase in long$-$term debt fill in the blank $34$

Increase in common stock fill in the blank $35$

Payment of common dividends fill in the blank $36$

Net cash provided by financing activities $ fill in the blank $37$

Summary

Net increase$/$decrease in cash $ fill in the blank $38$

Cash at the beginning of the year fill 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 $41$

thousand

NOWC$2021$: $ fill in the blank $42$

thousand

FCF$2021$: $ fill in the blank $43$

thousand

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.

Assume that the firm's after$-$tax cost of capital is $10\mathrm{.}5\%.$ What is the firm's $2021$ EVA?

$ fill in the blank $46$

thousand

Assume that the firm's stock price is $$23$ 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

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