a. The 2015 sales of Cumberland Industries were $455,000,000; operating costs (excluding depreciation) were equal to 85% of sales; net fixed assets were $67,000,000; depreciation amounted to 10% of net fixed assets; interest expenses were $8,550,000; the state-plus-federal corporate tax rate was 40%; and Cumberland paid 25% of its net income out in dividends. Given this information, construct Cumberland's 2015 income statement. Also calculate total dividends and the addition to retained earnings.

b. The partial balance sheets of Cumberland Industries are shown below. Cumberland issued $10,000,000 of new common stock in 2015. Using this information and the results from part a, fill in the missing values for common stock, retained earnings, total common equity, and total liabilities and equity.

c. Construct the statement of cash flows for 2015.

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Cumberland Industries: Balance Sheets as of December 31 (Thousands of Dollars) 2015 2014 Assets Cash Short-term investments Accounts receivable 74,625 15,100 85,527 3845034 982 210,234 42,436 252,670 91,450 11,400 108,470 Total current assets Net fixed assets Total assets 249,770 $316,770 Liabilities and Equity Accounts payable Accruals Notes payable Total current liabilities Long-term debt Total liabilities Common stock Retained earnings Total common equity Total liabilities and equity 23,109 22,656 14,217 59,982 63,914 $123,896 90,000 7_38,774 128,774 252,670 30,761 30,405 12,717 73,883 154,146