please show all work and use excel

3-19 FINANCIAL STATEMENTS, CASH FLOW, AND TAXES Laiho Industries's 2018 and 2019 bal- ance sheets (in thousands of dollars) are shown. 2019 2018 Cash Accounts receivable Inventories Total current assets Net fixed assets Total assets $102,850 103,365 38,444 $244,659 67,165 $311,824 $ 89,725 85,527 34,982 $210,234 42,436 $252.670 Accounts payable Accruals Notes payable Total current liabilities Long-term debt Total liabilities Common stock Retained earnings Total common equity Total liabilities and equity $ 30,761 30,477 16,717 $ 77,955 76,264 $154,219 100,000 57,605 $157,605 5311824 $ 23,110 22,656 14,217 $ 59,983 63,914 $123,897 90,000 38,773 $128,773 5252 670 1 14,217 $ 59,983 Notes payable Total current liabilities Long-term debt Total liabilities Common stock Retained earnings Total common equity Total liabilities and equity 16,717 $ 77,955 76,264 $154,219 100,000 57,605 $157,605 $311,824 63,914 $123,897 90,000 38,773 $128,773 $252,670 a. Sales for 2019 were $455,150,000, and EBITDA was 15% of sales. Furthermore, depre- ciation and amortization were 18% of net fixed assets, interest was $8,583,000, the cor- porate tax rate was 25%, and Laiho pays 47.25% of its net income as dividends. Given this information, construct the firm's 2019 income statement. b. Construct the statement of stockholders' equity for the year ending December 31, 2019, and the 2019 statement of cash flows. c. Calculate 2018 and 2019 net operating working capital (NOWC) and 2019 free cash flow (FCF). Assume the firm has no excess cash. 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? e Assume that the firm's after-tax cost of capital is 10.5%. What is the firm's 2019 EVA? f. Assume that the firm's stock price is $22 per share and that at year-end 2019 the firm has 10 million shares outstanding What is the firm's MVA atvear end 2019