Below is the summary information from the financial statements of two companies competing in the same industry: Income Statement for the year ended 31 December 2021 Panda Company Company $3000 5:090 Sales 770,000 880,200 Cost of goods sold 539.100 589.400 Gross profit 230,900 290,800 Operating expenses 46,000 43,100 Interest expense 7.900 13.000 Net profit before tax 177,000 234,700 Income tax expense 24.300 Not profit afer tex 162.200 210,400 Basic earnings per share 54.51 55.11 Page 14 Balance Sheet as at 31 December 2021 Panda Company Company Asact Cash 19.500 34,000 Accounts receivable 37,400 57,400 Notes receivable (trade & current) 9,100 7,200 Merchandise inventory 84,440 132.500 Prepaid expenses 5,000 6,950 Property, plant and equipment 290,000 304,400 Total Asse 445.440 542.450 Liabilities and Equity Current liabilities Notes payable (long-term) Share capital Retained earnings Total Liabilities and Equity 61340 93,300 80,00 101,000 181,000 206,000 142.150 445,440 542,450 Beginning-of-year balance (January 2013 Accounts receivable Notes receivable (trade & cument) Merchandise inventory Total assets Share capital Retained earnings 29,800 54.200 0 55,600 107,400 398,000 382.500 180,000 206,000 98,300 93,600 Additional information: Dividend paid (per share) $3.50 $3.55 Current market price (per share) 575 570