Homepage- Durham Question 1 CE Drilling ine's B s Balance Sheet Int Inc. Refer the following table. Tia's Trampolines Inc. Comparative Balance Sheet Information November 30 (millions of $) Accounts recelvable (net) Plant and equipment (net) Accounts payable Long-term notes payable Preferred shares Common shares Retained earnings 2017 2016 2015 $215 $603 $ 628 290 327 146 1,456 1,630 1,926 70 146 199 75 1,295 1,455 175 175 175 655 655 655 86 289 111 The preferred shares are $0.50, non-cumulative 80 million preferred and 320 million common shares were issued and outstanding during each year Tia's Trampollines Inc. Income Statement For Year Ended November 30 (millions of $) Net sales Cost of goods sold 2017 2016 2015 $4,220 $6,540 $6,860 2,819 4,443 4,667 $1,401 $2,097 $2,193 Gross profit Operating expenses: $326 $326 $326 422 1,278 1,474 Depreciation expense Other expenses Total operating expenses 748 1,604 1,800 Profit from operations Interest expense Income tax expense $653 $493 $393 107 117 129 94 Profit $388 $257 $182 Required