Reading and Interpreting Kellogg’s Financial Statements Refer to the financial statements for Kellogg’s reproduced in the chapter and answer the following questions.

1. What was the company’s net income for 2006?

2. State Kellogg’s financial position on December 30, 2006, in terms of the accounting equation.

3. By what amount did Property, net, increase during 2006? Explain what would cause an increase in this item.