* Please use Excel and include formulas and screenshots please *

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AAA Ltd. Income Statement For the Year Ended December 31st, 2020 2019 Sales 6,375,250.00 5,025,350.00 Cost Of Goods Sold 2,835,450.00 2,105,837.00 Other Expenses 1,100,500.00 1,058,600.00 Depreciation 75,500.00 67,800.00 Earnings Before Interest and Taxes 2,363,800.00 1,793,113.00 Interest Expense 84,350.00 68,925.00 Earnings Before Taxes 2,279,450.00 1,724,188.00 Taxes (30%) 683,835.00 517,256.40 Net Income $ 1,595,615.00 $ 1,206,931.60 AAA Ltd. Balance Sheet As at December 31st, ASSETS 2020 2019 Cash & Equivalent 67,250.00 53,925.00 Short-term investments 225,783.00 192,243.00 Inventories 1,522,500.00 1,407,530.00 Accounts Receivable 303,200.00 221,058.00 Total Current Assets 2,118,733.00 1,874,756.00 Prop, Plant & Equip - Net 2,582,989.00 2,002,958.00 Total Assets $ 4,701,672.00 $3,877,714.00 LIABILITIES & EQUITY Accounts Payable Notes Payable Accruals Short-term Debt Total Current Liabilities Long-Term Debt Total Liabilities Common Share Capital Retained Earnings Total Equity Total Liabilities and Equity 392,952.00 275,929.00 101,982.00 89,203.00 76,205.00 57,292.00 325,029.00 317,416.00 896,168.00 739,840.00 1,054,024.00 873,204.00 1,950,192.00 1,613,044.00 650,000.00 650,000.00 2,101,480.00 1,614,670.00 2,751,480.00 2,264,670.00 $ 4,701,672.00 $3,877,714.00 Answer the following questions. Please note: short-term investments are non-operating current assets; notes payable and short-term debt are non-operating current liabilities. a) What is Operating Cash Flow for 2020? b) What is Free Cash Flow for 2020? c) The stock is traded at $38 per share at the end of 2020 and there are 105,000 shares outstanding. What is MVA during 2020? d) Given the firm's WACC is 12%, what is EVA during 2020? e) Create common size income statement and balance sheet for both 2020 and 2019. f) Create income statement and balance sheet percentage change analysis for 2020. (Use 2019 as the base year)