Here are simplified financial statements of Phone Corporation from a recent year:

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5. Here are simplified financial statements for Phone Corporation in a recent year: INCOME STATEMENT (Figures in S millions) Net sales Cost of goods sold Other expenses Depreciation $ 13,193 4,060 4,049 2,518 Earnings before interest and taxes (EBIT) Interest expense $ 2,566 685 Income before tax Taxes (at 35%) $1,881 658 $1,223 $ 856 Net income Dividends