2018 2017 Assets Cash and equivalents $ 15,000 $ 14,000 Accounts receivable 35,000 30,000 Inventories 33,320 27,000 Total current assets $ 83,320 $ 71,000 Net plant and equipment 48,000 46,000 Total assets $131,320 $ 117,000 Liabilities and Equity Accounts payable $ 10,100 $ 9,000 Accruals 8,000 6,000 Notes payable 7,000 5.050 Total current liabilities $ 25,100 $ 20,050 Long-term bonds 20,000 20,000 Total liabilities $ 45,100 $ 40,050 Common stock (4,000 shares) 40,000 40,000 Retained earnings 46,220 36,950 Common equity $ 86,220 $ 76,950 Total liabilities and equity $131,320 $ 117,000 Income Statement for Year Ending December 31, 2018 Sales $210,000 Operating costs excluding depreciation and amortization 160,000 EBITDA $ 50,000 Depreciation and amortization 6,000 EBIT $ 44,000 Interest 5,350 EBT $ 38,650 Taxes (40%) 15,460 Net income $ 23,190 Dividends paid $ 13,920