The financial statements of Flathead Lake Manufacturing Company are shown below. Income Statement 2017 9,300,000 5,750,000 550,000 3,000,000 Sales Cost of Goods Sold Depreciation Expense Gross Profit Selling and Administrative Expenses EBIT Interest Expense Income before Tax Taxes Net Income 2,200,000 800,000 200,000 600,000 375,000 225,000 $ Flathead Lake Manufacturing Comparative Balance Sheets 2017 50,000 $ 2016 40.000 600,000 460,000 570,000 530,000 Cash Accounts Receivable Inventory Total Current Assets Fixed Assets Total Assets $ 1,150,000 2,050,000 3,200,000 1,100,000 1.400,000 2.500,000 $ $ $ Fixed Assets 2,050,000 1,400,000 Total Assets $ 3,200,000 $ 2,500,000 Accounts Payable $ 320,000 $ 300,000 Bank Loans 480,000 Total 400,000 Current Liabilities 800,000 700,000 Long-term Bonds 1,500,000 Total 1,000,000 Liabilities 2,300,000 $ Common 1,700,000 Stock (200,000 shares) 200,000 200,000 Retainded Earnings 700,000 600,000 Total Equity $ 900,000 800,000 Total Liabilities and Equity 3,200,000 $ 2,500,000 Note: The common shares are trading in the stock market for $15 per share. Refer to the financial statements of Flathead Lake Manufacturing Company. In 2017 Fathead generated $0.092 50.086 $0.099 $0.075 of EBIT for ev