1. The  financial statements for Armstrong and Blair companies for the current year are summarize below  

Statement of Financial Position Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Other non-current assets. Total assets Current liabilities. Long-term debt (10%) Share capital Contributed surplus Retained earnings Total liabilities and shareholders' equity Statement of Earnings Sales revenue (1/3 on credit) Cost of sales Expenses (including interest and income tax) Net earnings Accounts receivable (net) Inventory Long-term debt Other data: Share price year-end Income tax rate Dividends declared and paid Shares Outstanding 14 14 14 Selected data from the financial statements for the previous year follows: Armstrong Company 33,000 79,000 86,500 Blair. Company $ 53,000 22,000 80,000 $ 18 30% 49,000 15,000 Armstrong Blair Company Company $ $ 35,400 50,000 210,000 180,000 98,000 $ 573,400 $ 150,000 86,500 240,000 43,000 53,900 $ 573,400 $ 580,000 (290,000) (208,800) $ 81,200 15 30% $280,000 50,000 $ 35,000 44,000 39,500 520,000 335,000 $ 973,500 $ 55,500 80,000 624,000 135,000 79,000 $ 973,500 $ 940,000 (423,000) (376,000) $ 141,000