please show all work and use excel

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Arswer 17. FREE CASH FLOW Financial information for Powell Panther Corporation is shown here. Powell Panther Corporation:Income Statements for Year Ending December 31 (millions of dollars) 2021 2020 $ 1,200.0 1,020,0 $ 180,0 30.0 $1,000.0 850.0 S 150.0 25.0 Sales Operating costs excluding depreciation and amortization EBITDA Depreciation and amortization Eamings before interest and taxes (EBIT) Interest Eamings before taxes (EBT) Taxes (2596 Net income Common dividends $ 150,0 21.7 $ 125.0 20.2 S 128.3 32.1 96.2 79.2 $ 104.8 26.2 $ 786 $ 613 $ S Powell Panther Corporation: Balance Sheets as of December 31 (millions of dollars) 2021 2020 Assets Cash and equivalents Accounts receivable inventories Total current assets Net plant and equipment Total assets Liabies and Equity 5 12.0 180.0 180.0 $ 372.0 300.0 5672.0 5 10,0 150.0 20000 $360,0 250.0 $ 61010 Powell Panther Corporation: Balance Sheets as of December 31 (millions of dollars) 2021 2020 $ 12.0 $ 10.0 180.0 150.0 200.0 180.0 $ 372.0 $ 360.0 250.0 300.0 Assets Cash and equivalents Accounts receivable Inventories Total current assets Net plant and equipment Total assets Liabilities and Equity Accounts payable Accruals Notes payable Total current liabilities $ 672.0 $ 610.0 $108.0 $ 90.0 72.0 60.0 67.0 $247.0 51.5 $201.5 Powell Panther Corporation: Balance Sheets as of December 31 (millions of dollars) 2021 2020 150.0 150.0 $397.0 $ 351.5 50.0 50.0 Long-term bonds Total liabilities Common stock (50 million shares) Retained earnings Common equity Total liabilities and equity 225.0 $275.0 $672.0 208.5 258.5 $ 610.0 TAL E AAN 180.0 $ 372.0 300.0 $ 672.0 Inventories Total current assets Net plant and equipment Total assets Llabilities and Equity Accounts payable Accruals Notes payable Total current liabilities 200.0 $3600 250.0 $ 610.0 $108.0 $ 900 72.0 600 25 67.0 $247.0 $ 2015 Powell Panther Corporation: Balance Sheets as of December 31 (millions of dollars) 2021 2020 150.0 150.0 $397.0 $ 351.5 50.0 Long-term bonds Total liabilities Common stock (50 million shares) Retained earnings Common equity Total liabilities and equity 50.0 225.0 $275.0 $672.0 208.5 $ 258.5 $610.0 a. What was net operating working capital for 2020 and 2021? Assume the firm has no excess cash. b. What was the 2021 free cash flow? c. How would you explain the large increase in 2021 dividends