2.a Cumberland Industries' most recent sales were $550,000,000; operating costs (excluding depreciation) were equal to 80% of sales, net fixed assets were $70,000,000; depreciation amounted to 10% of net fixed assets, interest expenses were $8,000,000; 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 income statement. Also calculate total dividends and the addition to retained earnings. Cumberland Industries: Income Statement (Thousands of dollars) Sales Operating costs excluding depreciation 2015 Depreciation (Cumberland has no amortization charges) Interest expense Taxes (40%) EBITDA EBIT EBT Net income Common dividends Addition to retained earning:s