2018 2017 Sales $ 1,200.0 $1,000.0 Operating costs excluding depreciation and amortization 1,020.0 850.0 EBITDA $ 180.0 $ 150.0 Depreciation and amortization 30. 25.0 Earnings before interest and taxes (EBIT) $ 150.0 $ 125.0 Interest 21.7 20.2 Earnings before taxes (EBT) 128.3 $ 104.8 Taxes (40%) 51.3 41.9 Net income $ 77.0 $ 62.9 Common dividends 60.5 46.4 Powell Panther Corporation: Balance Sheets as of December 31 (Millions of Dollars) 2018 2017 Assets Cash and equivalents $ 12.0 $ 10.0 Accounts receivable 180.0 150.0 Inventories 180.0 200.0 Total current assets $ 372.0 $ 360.0 Net plant and equipment 300.0 250.0 Total assets $ 672.0 $ 610.0 Liabilities and Equity Accounts payable $108.0 $ Accruals 72.0 60.0 Notes payable 67.0 51.5 Total current liabilities $247.0 $ 201.5 Long-term bonds 150.0 150.0 Total liabilities $397.0 $ 351.5 Common stock (50 million shares) 50.0 50.0 Retained earnings 225.0 208.5 Common equity $275.0 $ 258.5 Total liabilities and equity $672.0 $ 610.0