a. In fiscal year 2022, Cumberland Industries' sales were $600,000; cost of goods sold were equal to 80% of sales; the beginning-of-year net fixed assets were $150,000, and depreciation amounted to 10% of beginning-of-year net fixed assets; interest expenses were $10,000; the state-plus-federal corporate tax rate was 25% and Cumberland paid 50% of its net income out in dividends. Given this information, construct Cumberland's income statement in the cells with yellow theme color. Also calculate total dividends and the addition to retained earnings. The input information required for the problem is outlined in the "Key Input Data" section below. Using this data and the balance sheet above, we constructed the income statement shown below. Key Input Data for Cumberland Industries (Thousands of dollars) Sales COGS as a % of sales Beginning-of-year net fixed assest Depr. as a % of net fixed assets Tax rate Interest expense Dividend Payout Ratio 2022 $600,000 80.0% $150,000 10.0% 25% $10,000 50% Cumberland Industries: Income Statement (Thousands of dollars) Sales Cost of goods sold Depreciation EBIT Interest expense EBT Taxes (25%) Net income 2022 Common dividends Addition to retained earnings b. Cumberland Industries' partial balance sheets are shown below. Cumberland issued $20,000 of new common stock in the most recent year. Using this information and the results from part a, fill in the missing values in the cells with yellow theme color. Dollar value of common stock issued (in thousands of dollars) Cumberland Industries December 31 Balance Sheets (in thousands of dollars) Assets Cash and cash equivalents Accounts Receivable Inventories Total current assets Net fixed assets Total assets Liabilities and equity Accounts payable Notes payable Total current liabilities Long-term debt Total liabilities Common stock Retained earnings Total common equity Total liabilities and equity $20,000 2022 2021 $74,625 108,470 38,450 85,527 34,982 $195,134 162,500 150,000 $345,134 $41,761 $33,109 20,722 9,331 $62,483 $42,440 108,920 113,920 $171,403 $156,360 $140,000 48,774 $188,774 $345,134