Use the balance sheet and income statement below:

\begin{tabular}{|c|c|c|c|c|c|c|c|} \hline \multicolumn{8}{|c|}{\begin{tabular}{c} CLANCY'S DOG BISCUIT CORPORATION \\ Balance Sheet as of December 31, 2021 and 2020 \\ (in millions of dollars) \end{tabular}} \\ \hline Assets & 2021 & 2020 & Liabilities and Equity & & 021 & & 020 \\ \hline Current assets: & & & Current liabilities: & & & & \\ \hline Cash and marketable securities & 71 & 70 & Accrued wages and taxes & $ & 48 & $ & 40 \\ \hline Accounts receivable & 195 & 180 & Accounts payable & & 150 & & 140 \\ \hline Inventory & 320 & 290 & Notes payable & & 130 & & 130 \\ \hline Total & $586 & $540 & Total & $ & 328 & $ & 310 \\ \hline Fixed assets: & & & Long-term debt & $ & 574 & $ & 554 \\ \hline Gross plant and equipment & $1,070 & $880 & Stockholders' equity: & & & & \\ \hline Less: Accumulated depreciation & 144 & 112 & Preferred stock ( 6 thousand shares) & $ & 6 & $ & 6 \\ \hline Net plant and equipment & $926 & $768 & Common stock and paid-in surplus ( 100 thousand shares) & & 120 & & 120 \\ \hline Other long-term assets & 132 & 132 & Retained earnings & & 616 & & 450 \\ \hline Total & $1,058 & $900 & Total & $ & 742 & $ & 576 \\ \hline Total assets & $1,644 & $1,440 & Total liabilities and equity & & 644 & & 440 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|} \hline \begin{tabular}{l} CLANCY'S DOG BISCUIT CORPORATION \\ Income Statement for Years Ending December 31, \\ (in millions of dollars) \end{tabular} & & 2020 \\ \hline & 2021 & 2020 \\ \hline Net sales & $890 & $800 \\ \hline Less: Cost of goods sold & 388 & 351 \\ \hline Gross profits & $502 & $449 \\ \hline Less: 0ther operating expenses & 46 & 40 \\ \hline \begin{tabular}{l} Earnings before interest, taxes, depreciation, \\ and amortization (EBITDA) \end{tabular} & $456 & $409 \\ \hline Less: Accumulated depreciation (2018) & 32 & 30 \\ \hline Earnings before interest and taxes (EBIT) & $424 & $379 \\ \hline Less: Interest & 47 & 41 \\ \hline Earnings before taxes (EBT) & $377 & $338 \\ \hline Less: Taxes & 130 & 110 \\ \hline Net income & $247 & $228 \\ \hline Less: Preferred stock dividends & $ & \\ \hline Net income available to common stockholders & $241 & $222 \\ \hline Less: Common stock dividends & 75 & 75 \\ \hline Addition to retained earnings & $166 & $147 \\ \hline Per (common) share data: & & \\ \hline Earnings per share (EPS) & $2.41 & $2.22 \\ \hline Dividends per share (DPS) & $0.75 & $0.75 \\ \hline Book value per share (BVPS) & $7.36 & $5.70 \\ \hline Market value (price) per share (MVPS) & $8.39 & $6.18 \\ \hline \end{tabular} \begin{tabular}{|c|c|} \hline \multicolumn{2}{|c|}{ Statement of Cash Flows for Year Ending December 31, 2021} \\ \hline \multicolumn{2}{|l|}{ (in millions of dollars) } \\ \hline \multicolumn{2}{|l|}{ Cash flows from operating activities } \\ \hline \multicolumn{2}{|l|}{ Net income } \\ \hline \multicolumn{2}{|l|}{ Additions (sources of cash): } \\ \hline \multicolumn{2}{|l|}{ Depreciation } \\ \hline \multicolumn{2}{|l|}{ Increase in accrued wages and taxes } \\ \hline \multicolumn{2}{|l|}{ Increase in accounts payable } \\ \hline \multicolumn{2}{|l|}{ Subtractions (uses of cash): } \\ \hline \multicolumn{2}{|l|}{ Increase in accounts receivable } \\ \hline Increase in inventory & \\ \hline \multicolumn{2}{|l|}{ Net cash flow from operating activities } \\ \hline \multicolumn{2}{|l|}{ Cash flows from investing activities } \\ \hline \multicolumn{2}{|l|}{ Subtractions: } \\ \hline \multicolumn{2}{|l|}{ Increase in fixed assets } \\ \hline \multicolumn{2}{|l|}{ Increase in other long-term assets } \\ \hline \multicolumn{2}{|l|}{ Net cash flow from investing activities } \\ \hline \multicolumn{2}{|l|}{ Cash flows from financing activities } \\ \hline \multicolumn{2}{|l|}{ Additions: } \\ \hline \multicolumn{2}{|l|}{ Increase in notes payable } \\ \hline \multicolumn{2}{|l|}{ Increase in long-term debt } \\ \hline \multicolumn{2}{|l|}{ Increase in common and preferred stock } \\ \hline \multicolumn{2}{|l|}{ Subtractions: } \\ \hline \multicolumn{2}{|l|}{ Preferred stock dividends } \\ \hline \multicolumn{2}{|l|}{ Common stock dividends } \\ \hline \multicolumn{2}{|l|}{ Net cash flow from financing activities } \\ \hline Net change in cash and marketable securities & \\ \hline \end{tabular}