The financial statements of Midwest Tours are given below Midwest Tours Income Statement (2009) Sales $2,500,000 1,260,000 1,240,000 700,000 540,000 160,000 380,000 152,000 $228,000 Cost of goods sold Gross profit Selling and administrative expenses Operating profit Interest expenses Income before tax Tax expense Net income Midwest Tours Balance Sheet 2009 $60,000 $50,000 500,000450,000 300,000 270,000 860,000 770,000 2,180,000 2,000,000 2008 Cash Accounts receivable Inventor Total current assets Fixed assets Total assets $3,040,000 $2.770,000 ccounts payable Bank loan Total current liabilities Bonds payable 200,000 170,000 460,000 440,000 660,000 610,000 860,000 860,000 1,520,000 1,470,000 Total liabilities Common stock (80,000 shares) 120,000 120,000 Retained earnings Total liabilities& Equity$3,040,000 $2,890,000 Note: The common shares are trading in the stock market for $36 each