3-16 FINANCIAL STATEMENTS The Davidson Corporation's balance sheet and income state- ment are provided here. Davidson Corporation: Balance Sheet as of December 31, 2021 (millions of dollars) Assets Liabilities and Equity Cash and equivalents $ 15 Accounts payable Accounts receivable Inventories Total current assets 515 Accruals 880 Notes payable $1,410 Total current liabilities Net plant and equipment 2,590 Long-term bonds $ 120 280 220 $ 620 1,520 Total liabilities Common stock (100 million shares) $2,140 260 Retained earnings Common equity 1,600 $1,860 Davidson Corporation: Income Statement for Year Ending December 31, 2021 (millions of dollars) + Sales $6,250 Operating costs excluding depreciation and amortization 5,230 EBITDA $1,020 Depreciation and amortization 220 EBIT $ 800 Interest EBT Taxes (25%) Net income Common dividends paid Earnings per share 180 $ 620 155 $ 465 $ 183 $ 4.65