The 2017 financial statements for Growth Industries are presented below.

INCOME STAKEHEHT, 201? Sales Costs EBIT Interest expense Taxable income Taxes (at 35%} Net income Dividends Addition to retained earnings Assets Current assets Cash Accounts receivable Inventories Total current assets Net plant and equipment Total assets $ 13,?20 43,600 5 340,000 220,000 5 120,000 24,000 5 96,000 33,600 5 62,400 EALAHEE SHEET, YEAR-END, 2017 5 3,000 3,000 29,000 $ 40,000 230,000 $ 320mm Liabilities Current liabilities Accounts payable 5 10,000 Total current liabilities $ 10,000 Long-term debt 240,000 Stockholders' equity Common stock plus additional paid-in capital 15,000 Retained earnings 55,000 Total liabilities and stockholders' equity $ 320,000