#7-18, refer to the following financial information for Gannon Insurance. For questions PLEASE SHOW STEP BY STEP CALCULATIONS AND, MUST BE LEGIBLE IF HANDWRITTEN IN ORDER TO EARN A POSITIVE RATING 2017 2018 BALANCE SHEETS: Cash Accounts Receivable Inventory 120,000 520,000 305,000 410,000 1,355,000 160,000 620,000 290,000 510,000 1,580,000 Total Assets Liabilities and Equity Accounts Payable Long-term Debt Common Stock 350,000 500,000 50,000 455,000 1,355,000 375,000 625,000 75.000 505,000 1,580,000 Total Liabilities and Equity INCOME STATEMENT: 3,500,000 Revenue Cost of Goods Sold General and Administrative 2,275,000 515,000 120,000 590,000 40,000 550,000 167,000 383,000 Earnings Before Interest and Taxes Pretax Net Income Net Income 13. What was Gannon's Equity Multiplier for 2018