Here are simplified financial statements for Watervan Corporation: Net sales INCOME STATEMENT (Figures in $ millions) Cost of goods sold Depreciation Earnings before interest and taxes (EBIT) Interest expense Income before tax Taxes Net income $901.00 761.00 51.00 $ 89.00 32.00 $ 57.00 11.97 $ 45.03 BALANCE SHEET (Figures in $ millions) Start End of Year of Year Assets Current assets Long-term assets Total assets $ 389 298 $ 352 242 $ 687 $ 594 Liabilities and shareholders' equity Current liabilities Long-term debt Shareholders' equity $ 214 $ 177 128 141 345 240 Total liabilities and shareholders' equity $ 687 $ 558