$1.$ Problem $3\mathrm{.}14($Free Cash Flow$)$

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

Balance Sheets as of December $31$

$20192018$

Assets

Cash and equivalents $ $13,000$ $ $11,000$

Accounts receivable $35,00030,000$

Inventories $34,65027,000$

Total current assets $ $82,650$ $ $68,000$

Net plant and equipment $51,00046,000$

Total assets $$133,650$ $$114,000$

Liabilities and Equity

Accounts payable $ $10,800$ $ $8,000$

Accruals $7,1007,000$

Notes payable $6,6005,450$

Total current liabilities $ $24,500$ $ $20,450$

Long$-$term bonds $10,00010,000$

Total liabilities $ $34,500$ $ $30,450$

Common stock $(4,000$ shares$)60,00060,000$

Retained earnings $39,15023,550$

Common equity $ $99,150$ $ $83,550$

Total liabilities and equity $$133,650$ $$114,000$

Income Statement for Year Ending December $31,2019$

Sales $$237,000$

Operating costs excluding depreciation and amortization $190,000$

EBITDA $ $47,000$

Depreciation & amortization $6,000$

EBIT $ $41,000$

Interest $5,000$

EBT $ $36,000$

Taxes $(25\%)9,000\mathrm{.}00$

Net income $ $27,000\mathrm{.}00$

Dividends paid $11,400\mathrm{.}00$

Enter your answers in millions. For example, an answer of $$25,000,000,000$ should be entered as $25,000.$ Round your answers to the nearest whole number, if necessary.

What was net operating working capital for $2018$ and $2019?$ Assume that all cash is excess cash; i$.$e$.,$ this cash is not needed for operating purposes.

$2018$ $ million

$2019$ $ million

What was Arlington's $2019$ free cash flow?

$ million

Construct Arlington's $2019$ statement of stockholders' equity.