(30 points) Financial Statements: Laiho Industries's 2014 and 2015 balance sheets in thousands of dollars) are shown. Laiho Indus tries December 31 Balance Sheets (in thousands of dollars) 2015 2014 Assets Cas h Accounts receivable Inventories Total current assets Net fixed assets Total assets S 102,850 S 89,725 85,527 34,982 S 244,659 S 210,234 42,436 S 311,824 S 252,670 103,365 38,444 67,165 Liabilities and equity Accounts payable Accruals Notes payable Total current liabilities Long-term debt Total liabilities Common stock Retained earnings Total common equity Total liabilities and equity S 30,761 S 23,109 30,477 22,656 14,217 S 77,955 S 59,982 63,914 S 154,219 S 123,896 90,000 38,774 S 157,605 S 128,774 S 311,824 S 252,670 16,717 76,264 100,000 57,605 Answer the following questions a. (10points) Sales for 2015 were $455,150,000, and EBITDA was 15% ofsales. Furthermore, depreciation and amortization were 1 1% of net fixed assets, interest was $8,575,000, the corporate tax rate was 40%, and Laiho pays 40% of its net income as dividends. Given this information, complete the firm's 2015 income statement (values are expected wherever there is a S sign). 4/6 2015 Laiho Industries Income Statement (in thousands of dollars) Sales Expenses excluding depreciation and amortization S 455,150 EBITDA Depreciation and amortization EBIT Interest expense EBT Taxes (40%) Net Income Common dividends Addition to retained earnings b. (10 points) Complete the 2015 statement of cash flows. Statement of Cash Flows (in thousands of dollars) Operating Activities Net Income 7,388 Depreciation and amortization Increase in accounts payable Increase in accruals Increase in accounts receivable Increase in inventories (17,838) 3,462) Net cash provided by operating activities Investing Activities Additions to property, plant, and equipment Net cash used in investing activities Activiti Increase in notes payable Increase in long-term debt 12,350 Increase in common stock 10,000 Payment of common dividends 12,554) Net cash provided by financing activities Net increase/decrease in cash Cash balance at the beginning of the year Cash balance at the end of the year (10 points) Complete the statement of stockholders' equity for the year ending December 31, 2015. c. Statement of Stockholders' Equity (in thousands of dollars) Common Stock Retained Earnings Total Stockholders Equity Balances, December 31, 2014 Common stock issue 2015 Net income Cash dividends Addition to retained earnings 10,000 10,000 Balances,December 31, 2015 $157,605