Consider the following simplified Statement of Comprehensive Income and Statement of Financial Position from Smith Corporation's 2018 Annual Report to Shareholders. Smith Corporation Statement of Comprehensive Income ($ millions) $8,324 $4,988 $1,190 $2,146 Net sales Cost of goods sold Depreciation Earnings Before interest and taxes Interest paid Taxable income Taxes Net income $320 $1,826 $621 $1,205 Smith Corporation Statement of Financial Position 2017 & 2018 ($ millions) 2018 2017 Cash $5,415 Accounts rec. $2,460 Inventory 2,405 Total 10,280 Net fixed assets 12,300 2018 $3,341 Accounts payable $979 Notes payable 2,885 Total 7,205 Long-term debt 16,720 Common stock Retained earnings 23,925 Total liabilities and Owner's equity 2017 1,110 2,500 3,610 4,800 5,100 9,070 22,580 1,650 1,900 3,550 4,600 5,900 9,875 23,925 Total assets 22,580 c) Generate the 2018 cash-flow statement for Smith Corporation. (12 marks, one per entry) d) Calculate cash-flow from assets, cash-flow to debtholders, and cash-flow to equity holders. Does the cash-flow identity hold? (13 marks) Consider the following simplified Statement of Comprehensive Income and Statement of Financial Position from Smith Corporation's 2018 Annual Report to Shareholders. Smith Corporation Statement of Comprehensive Income ($ millions) $8,324 $4,988 $1,190 $2,146 Net sales Cost of goods sold Depreciation Earnings Before interest and taxes Interest paid Taxable income Taxes Net income $320 $1,826 $621 $1,205 Smith Corporation Statement of Financial Position 2017 & 2018 ($ millions) 2018 2017 Cash $5,415 Accounts rec. $2,460 Inventory 2,405 Total 10,280 Net fixed assets 12,300 2018 $3,341 Accounts payable $979 Notes payable 2,885 Total 7,205 Long-term debt 16,720 Common stock Retained earnings 23,925 Total liabilities and Owner's equity 2017 1,110 2,500 3,610 4,800 5,100 9,070 22,580 1,650 1,900 3,550 4,600 5,900 9,875 23,925 Total assets 22,580 c) Generate the 2018 cash-flow statement for Smith Corporation. (12 marks, one per entry) d) Calculate cash-flow from assets, cash-flow to debtholders, and cash-flow to equity holders. Does the cash-flow identity hold? (13 marks)