The 2019 financial statements for Growth Industries are
presented below.
INCOME STATEMENT, 2019
Sales
$
250,000
Costs
175,000
EBIT
$
75,000
Interest expense
15,000
Taxable income
$
60,000
Taxes (at 21%)
12,600
Net income
$
47,400
Dividends
$
28,440
Addition to retained earnings
$
18,960
BALANCE SHEET, YEAR-END, 2019
Assets
Liabilities
Current assets
Current liabilities
Cash
$
8,000
Accounts payable
$
15,000
Accounts receivable
13,000
Total current liabilities
$
15,000
Inventories
29,000
Long-term debt
150,000
Total current assets
$...