Here are simplified financial statements for Phone Corporation in 2020: INCOME STATEMENT (Figures in $ millions) Net sales $ 12, 700 Cost of goods sold 3,810 Other expenses 4,112 Depreciation 2,368 Earnings before interest and taxes (EBIT) Interest expense Income before tax Taxes (at 21%) Net income Dividends $ 2,410 660 $ 1,750 368 $ 1,382 $ 826 BALANCE SHEET (Figures in $ millions) Assets Cash and marketable securities Receivables Inventories Other current assets Total current assets Net property, plant, and equipment Other long-term assets Total assets Liabilities and shareholders' equity Payables Short-term debt Other current liabilities Total current liabilities. End of Year Start of Year $ 84 $ 153 2, 132 2,390 162 213 842 907 $ 3,663 19, 865 3,720 $ 3, 220 19,923 4,166 $ 27,309 $ 2,514 1,394 786 $ 4,694 8, 263 6, 128. 8,224 $ 27,248 $ 2,990 1,548 762 $ 5,300 Long-term debt and leases 7,728 Other long-term liabilities Shareholders' equity 6,099 8,121 Total liabilities and shareholders' equity $ 27,309 $ 27,248