Historical and Pro Forma Balance Sheets for Years Ended December 31 (In Thousands of Dollars) Cash and marketable securities Accounts receivable 5,149 $ 4004 3,06 17,098 18,462 29357 Current assets Land, buildings, plant, and equipment Accumulated depreciation 541,181 55,495 $9,922 S 17,761 20,100 22,874 $29,249 $ 30,126 (2.226 14541662 2112 110.940 Net fixed asscts Total assets 3,188 $ 5,100 18,233 6,764 10,506 19,998 15,995 $16,795 Short-term bank loans Accounts payable Current liabilities Long-term bank loans 3 6,375 $ 9563 $ 9563 $ 9,563 9,563 Mortgage 1924 1214 11903 1116211452 $ 22,639 $ 32,870 $57,465 23,269 23,269 23,269 $23,269 23,269 Long-term debt Total liabilities Common stock Retained earnings 33.307 38.071 38637 $55,946 $ 70,941 Total equity Total liabilities and equity Notes: a 3.500,000 shares of common stock were outstanding throughout the period 1989 through 1991 b. Market price of shares: 1989-$17.78; 1990 -$9.71; 1991-$3.67 c. Price/earnings (P/E) ratios: 1989 - 6.61; 1990-5.35; 1991-17.0. The 1991 P/E ratio is high because of the depressed earnings that year. d. Assume that all changes in interest-bearing loans and gross fixed assets occur at the start of the relevant years e. The mortgage loan is secured by a first mortgage bond on land and buildings