a. What was the net operating working capital for 2018 and 2019? Assume that all cash is excess cash; i.e., this cash is not needed for operating purposes.

b. What was Arlington’s 2019 free cash flow?

c. Construct Arlington’s 2019 statement of stockholders’ equity.

d. What was Arlington’s 2019 EVA? Assume that it’s after-tax cost of capital is 10%. Round your answer to the nearest cent.

e. What was Arlington’s MVA at the year-end 2019? Assume that it’s stock price at December 31, 2019 was $25. Round your answer to the nearest cent.