1. Balance Sheet (unit : million $)
	2022	2023
Cash and equivalent	50	60
Short-term investment	0	40
Account receivable	500	380
Inventories	1000	820
Total current assets
Net plant and equipment	2000	1700
Total assets
Accounts payable	200	190
Notes payable	280	130
Accruals	300	280
Total current liabilities	780	600
Long-term bonds	1200	1000
Total debt	1980	1600
Preferred Stocks (400000 shares)	100	100
Common Stock (50000000 shares)	500	500
Retained earnings	970	800
Total common equity
Total liabilities and equity
2. Income Statement (unit: million $)
	2022	2023
Sales	5000	4760
Operating Cost except depreciation & amortization	3800	3560
EBITDA
Depreciation & Amortization	200	170
other operating expenses	500	480
EBIT
Less interest	120	100
EBT
Taxes (40%)
Net Income before preferred dividends
Preferred dividends	8.0	8
Net Income
Dividends to common	50.0	48
Addition to retained earnings
Assume 50000000shares of common stock outstanding