hem prides itsell o P and why? reative Advertising constructs, maintains, and sells advertising for highway h formation in the following financial statements for the next five problems ing for highway billboar and cases. Creative Advertising Limited Income Statement for the year ended December 31, 2010 400,000 2009 350,000 185,000 165,00 Sales Cost of goods sold Gross profit Expenses (excluding interest) EBIT Interest expense EBT Income tax expense (40%) Net income Preferre dividends Net income available to common shareholders 190,000 75,000 115,000 110,000 20,000 90,000 36,000 $ 95,000 38,000 $ 57,000 2,000 55,000 54,000 2,000 $ 52,000 Creative Advertising Limited Statement of Retained Earnings for the year ended December 31, 2009 Opening retained earnings Net income available to common shareholders Dividends to common shareholders Closing retained earnings 2010 35,000 55,000 10,000 80,000 $(7,00 52,000