Bailey Corporation's financial statements (dollars and shares are in millions) are provided here.

Income Statement for Year Ending December 31, 2015
Sales......................................................................................$214,000
Operating costs excluding depreciation and amortization..........................170,000
EBITDA..................................................................................$ 44,000
Depreciation & amortization..............................................................5,000
EBIT .......................................................................................$ 39,000
Interest.........................................................................................1,750
EBT ........................................................................................$ 37,250
Taxes (40%)...............................................................................14,900
Net income..............................................................................$ 22,350
Dividends paid..........................................................................$ 11,175
a. What was net operating working capital for 2014 and 2015?
b. What was Bailey's 2015 free cash flow?
c. Construct Bailey's 2015 statement of stockholders' equity.
d. What was Bailey's 2015 EVA? Assume that its after-tax cost of capital is 10%.
e. What was Bailey's MVA at year-end 2015? Assume that its stock price at December 31, 2015 was $20.

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Balance Sheets as of December 31 Cash and equivalents Accounts receivable Total current assets Net plant and equipment Total current liabilities Total liabilities Common stock (5,000 shares) Retained earnings $ 82025 Total liabilities and equity