Section B: Problem question Income statements and balance sheets below are for Valero Energy Corporation to these financial statements to answer the requirements Refer Valero Energy Corporation and Subsidiaries Consolidated Statements of Income 2018 (Millions of Dollars) Operating revenues Costs and expenses: Cost of sales Refining expenses Retail expenses Ethanol expenses $ 87,804 73,861 4,243 1,842 $ 70,659 55,962 (747) 4,207 1,894 expenses Depreciation and amortization expense Asset impairment losses Total costs and expenses Operating income Other income, net Interest and debt expense Income from continuing operations before income tax expense Income tax expense 62,08781,446 6,358 (400) 6,004 8,572 (350) 8,278 7,513 128 7,385 Net income (loss) Less: Net income (loss) attributable to noncontrolling interests Net income attributable to Valero Energy stockholders Valero Energy Corporation and Subsidiaries Consolidated Balance Sheets 2019 S 2,816 5,901 5,709 58 316 18,800 (Millions of Dollars) 2018 S 4,114 4,464 5,898 218 254 14,948 porary cash investments Receivables, net Inventories Income taxes receivable Prepaid expenses and other Total current assets 26,472 2,811 48,083 26,703 2,476 44.127 Property, plant and equipment, net Deferred charges and other assets, net Total assets Current portion of debt and capital lease 115 8,357 694 1,084 78 10,328 127 4,907 554 1,069 337 6,994 obligations Accounts payable Accrued expenses Taxes other than income taxes Income taxes payable Total current liabilities Debt and capital lease obligations, less current portion Deferred income taxes Other long-term liabilities Total liabilities Common stock Additional paid-in capital Treasury stock 7,886 7,361 1,744 27,319 7 7,088 (12,027) 26,366 7,208 7,060 1,611 22,873 7 7,064 (10,799) 25,188 Retained earnings Accumulated other comprehensive income (loss) (1,500) 19,934 830 20,764 $48,083$44,127 (1,083) 20,377 827 Total Valero Energy stockholders' equity Noncontrolling interest Total equity Total liabilities and stockholders' equity 21,254