Problem 1 -Morton Chip Morton Chip's Income Statement (S Dellars) Selling. General and Admin Expenses Earnings Before Interest&Taxes (EBIT Interest Expense Earnings Before Taxes Federal and State Tanes (40%) 27,300 Morton Chip's Balance Sheet ($ Dollars) Accounts Recelivable Tetal Current Long-Tam Deb Total Assets $947,500 Total Liabilities and Equity 947 500