Question 1 (25 MARKS) Presented below is the condensed financial statements of Williams Enterprise Ltd. for the year ended December 31, 2019. Consolidated Statement of Earnings For the years ended December 31, 2019 and December 31, 2018 ($ millions except where otherwise indicated) Sales Cost of Merchandise Inventories Sold (note 9) 2019 2018 $ 30,997 $ 30,735 23,393 23,539 7,604 7,196 Gross Profit Operating Expenses Selling and administrative expenses 5,680 5,402 Depreciation and amortization 655 589 6,335 5,991 Operating Income 1,269 1,205 Interest expense and other financing charges (note 4) 273 269 Earnings Before Income Taxes and Minority Interest 996 936 Income Taxes (note 5) Net Earnings Before Minority Interest Minority Interest 297 269 699 667 18 11 Net Earnings $ 681 $ 656 Net Earnings Per Common Share ($) (note 6) Basic $ 2.45 $ 2.39 Diluted $ 2.44 $ 2.38