The 2017 financial statements for Growth Industries are presented below Sales Costs EBIT Interest expense Taxable income s460,080 250,000 s 150,888 30

The 2017 financial statements for Growth Industries are presented below Sales Costs EBIT Interest expense Taxable income s460,080 250,000 s 150,888 30.08e 128,0ee 42,000 $ 78,80 Book Taxes (at 35%) Net income rint Dividends Addition to retained earnings 39,000 BALANCE SHEET, YEAR-END, 2817 Assets Liabilities Current assets Current liabilities $ 9,080 Accounts payable Cash Accounts receivable Inventories 14,000 27,800 Total current liabilities Long-term debt $ 16,800 $ 16,e0e 300,000 Total current assets s 50,000 Stockholders' equity Net plant and equipment Common stock plus additional paid-in capital 348,ee0 15,00 59,80e 5 390,000 Retained earnings Total assets s 390,008 Total 1iabilities and stockholders' equity