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Excel Activity: Financial Statements, Cast Elow, and Taxes Laiho industries's 2020 and 2021 balance sheets (in thousands of doliars) are shown. et and perform the required analysis to answer the questions beiom 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. 3. Sales for 2021 were $458,650,000, and EBITDA was 15% of sales. Furthermore, depreciation and amortization were 19% of net fixed assets, interest was $9,337,000, the corporate tax rate was 25%, and Laiho pays 47.25% of its net income as dividends. Given this information, constru the firm's 2021 income statement. Laiho Industries: Income Statement for Year Ending December 31, 2021 (thaiseandis of dollars) b. Construct the statement of stockoiders' 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: b. Construct the statement of stockholder' equity for the year ending December 31,2021 , and the 2021 statement of cash flows. Hint: The difrereince in accumulated depreciation from one year to the next is the annual depreciation expense for the year. tollars) Total Stockholders' c. Calculate 2020 and 2021 net operating working capital (NOWC) and 2021 free cash flow (FCF), Assume the firm nas no excess cash. NOWC 202014 thousand NOWC 2021+5 FCF 202323 thousand d. If Lalho 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 pa; orporate taxes and the company's sharehoiders would pay taxes on the dividends they would recel e. Assume that the firm's after-tax cost of capital is 10.5%. Wha 5 thousand f. Assume that the firm's stock price is $21 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? 5 thousand