Exhibit 3-1 Smith Brothers Corporation Income Statements for Year Ending December 31 Millions of Dollars) Operating costs excluding depreciation EBITDA Depreciation EBIT Interest $360 S S4 S 45 $300 S 45 38 S 32 Taxes (40%) NI available to common stockholders Common dividends S 16 S 10 Smith Brothers Corporation Balance Sheets as of December 31 Millions of Dollars) Accounts receivable Inventories Total CA Net plant & equipment Total assets 45 $112 $108 2015 Ce gage Lening: AllRights Rese od. May not be pe sca ed or plicated, whole or in par, et ei permitted in a license distributed with a certain product or service ar otherwise on a password-protected website for classroom use Chapter Liabilities and Equity Accounts payable Accrued liabilities S 32 S 28 18 Notes payable Total CL Long-term bonds Total liabilities Common stock (50,000,000 shares) Retained earnings Common equity Total liabilities and equity $ 74 S 62 45 $107 15 $119 15 S 83 $ 76 S183 Given the financial information in Exhibit 3-1, what is the 2014 NOPAT (net operating profit after taxes) in millions of dollars? a. $18 b. $27 c. $34 d. $40 e $45