Thcome Statement for Year Ending December $31,2021$

Sales

$\backslash$table$[[$Operating costs excluding deprectation and amorization,$$210,000],[$COITDA$,160,000],[$Depreclation and amortization,$ $50,000],[$EBIT$,6\mathrm{.}000],[$Interest$,$$ $44,000],[,5\mathrm{.}350],[$EBT$,$$ $38,650],[$Taxes $(25\%),9\mathrm{.}663],[$Net income,$ $28\mathrm{.}988],[$Dividends pald,$ $19\mathrm{.}718]]$

a What was net operating working capital for $2020$ and $2021?$ Assume that all cash is execes cashi.e$.$ this cash is not needed for operating purposes.

b$.$ What uns Sumshine's $2021$ free eash flow?

e$.$ Construet Sunshine's $2021$ statement of stockholders' equity.

d$.$ What was Sunshine's $2021$ EVA? Assume that its after$-$tax cost of copital is $10o.$

e$.$ What was Sunslune's MVA at year$-$end $2021?$ A ssume that its stock price at December $31,2021$ was $$25.(20$ points$)$What is the explanation for the difference in your answers to pars $f$ and $g?(20$ points$)$

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

Balance Sheets as of December $31$

$2021$

$2020$

$\backslash$table$[[$Assets$,,],[$Cash and equivalents,$ $15,000,$$ $14,000],[$Accounts receivable,$35,000,30,000],[$Invertories$,33,320,27,000],[$Total current assets,$ $83,320,$$ $71,000],[$Net plant and equipment,$48,000,46,000],[$Total assets,$$131,{320}_{?},$$$117,000],[$Liabilities and Equity$],[$Accounts payable,$ $10,100,$$ $9,000],[$Accruals$,8,000,6,000],[$Notes payable,$7,000,5,050],[$Total current liabilities,$ $25,100,$$ $20,050],[$Long$-$term bonds,$20,000,20,000],[$Total llabilities,$ $45,100,$$ $40,050],[$Common stock $(4,000$ shares$),40,000,40,000],[$Retained earnings,$46,220,36,950],[$Common equity,$ $86,220,$$ $76,950],[$Total llabilities and equity,$$131,320,$$$117,000]]$