Here are simplified financial statements for Phone Corporation in 2020: INCOME STATEMENT (Figures in $ millions) Net sales $ 13,600 Cost of goods sold 4,310 Other expenses 4,162 Depreciation 2,668 Earnings before interest and taxes (EBIT) Interest expense $ 2,460 710 Income before tax Taxes (at 21%) $ 1,750 368 Net income Dividends $ 1,382 $ 906 BALANCE SHEET (Figures in $ millions) End of Year Start of Year $ 94 $ 163 2,632 2,590 212 263 892 957 $ 3,830 $ 3,973 20,023 19,965 4,266 3,820 Assets Cash and marketable securities Receivables Inventories Other current assets Total current assets Net property, plant, and equipment Other long-term assets