shown 2014 2-18 Start with the partial model in the file Ch 02 Build a Model.xlsx at the textbook's website Financial Statements, below and in the partial model in the file: EVA, and MVA 2015 Cash $ 91,450 Short-term investments 11,400 Accounts receivable 103,365 Inventories 38,444 Total current assets 244,659 Net fixed assets 67,165 Total assets $311,824 Accounts payable $ 30,761 Accruals 30,477 Notes payable 16,717 Total current liabilities 77,955 Long-term debt 76,264 Total liabilities 154,219 Common stock 100,000 Retained earnings 57,605 Total common equity 157,605 Total liabilities and equity $311,824 $ 74.623 15.10 85,50 34942 210,234 42A) $252.574 $ 23,101 22,685 14210 59,982 63,914 123.9% 90.000 38,774 128,774 $252,670 a. The company's sales for 2015 were $455,150,000, and EBITDA was 15% of sales. Furthermore, depreciation amounted to 11% of net fixed assets, interest charges were $8,575,000, the corporate tax rate was 40%, and Cumberland pays 40% of its net income out in dividends. Given this information, construct Cumberland's 2015 income state- ment. (Hint: Start with the partial model in the file.) b. Next, construct the firm's statement of shareholders equity for the year ended December 31, 2015, and the 2015 statement of cash flows. Calculate net operating working capital, total net operating capital, net operating profit after taxes, and free cash flow for 2015. d. Calculate the firm's EVA and MVA for 2015. Assume that Cumberland had 10 million shares outstanding, that the 2015 closing stock price was $17.25 per share, and that its after-tax cost of capital (WACC) was 12%. What will be the retained earnings for year 2015 if the tax rate is 30% and the pay out ratio is 35%? Make necessary changes in the balance sheet. C. e. $