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CP10-4 Analyzing the Use of Debt L010-1 Cricket Corporation's financial statements for 2017 showed the following: Statement of Earnings Revenues $300,000 Expenses (198,000) Interest expense (2,000 Pretax earnings 100,000 Income tax (30%) (30,000) Net earnings $ 70,000 Statement of Financial Position Assets $300,000 Liabilities (average interest rate, 10%) 20,000 Share capital 200,000 Retained earnings 80,000 $300,000 Notice that the company had a debt of only $20,000 compared with share capital of $200,000. A consultant recommended the following: debt, $100,000 (at 10 percent) instead of $20,000, and share capital of $120,000 (12,000 shares) instead of $200,000 (20,000 shares). That is, the company should finance the business with more debt and less owner contribution. Required (round to the nearest percent): 1. You have been asked to develop a comparison between (a) the actual results and (b) the results based on the consultant's recommendation. To do this, you decided to develop the following schedule: Results with an $80,000 Actual Results Increase in Debt and an Item for 2017 $80,000 Decrease in Equity a. Total debt b. Total assets c. Total shareholders' equity d. Interest expense e. Net earnings f. Return on total assets g. Earnings available to shareholders: (1) Amount (2) Per share (3) Return on shareholders' equity 2. Based on the completed schedule in (1), provide a comparative analysis and interpretation of the actual results and the consultant's recommendation