Here are simplified financial statements for Watervan Corporation: INCOME STATEMENT (Figures in s millions) $890.00 750.00 40.00 Net sales Cost of goods sold Depreciation Earnings before interest and taxes (EBIT) $100.00 Interest expense Income before tax Taxes Net income 21.00 $ 79.00 27.65 $ 51.35 BALANCE SHEET (Figures in $ millions) End of Start Year of Year Assets $ 378 330 Current assets Long-term assets 27623 Total assets S 654 561 Liabilities and shareholders' equity Current liabilities Long-term debt Shareholders' equity 203 166 130 265 334 - Total liabilities and shareholders' equity S 654 561