Here are simplified financial statements for Watervan Corporation: INCOME STATEMENT (Figures in millions) Net sales Cost of goods sold Depreciation Earnings before interest and taxes (EBIT) Interest expense Income before tax Taxes Net income $ 881 741 31 $ 109 12 $ 97 34 $ 63 BALANCE SHEET (Figures in $ millions) End of Start Year of Year Assets $ 369 258 Current assets 312 Long-term assets Total assets $ 627 534 Liabilities and shareholders' equity Current liabilities Long-term debt Shareholders' equity 194 108 325 157 121 256 Total 1iabilities and shareholders' equity 627 534