V-TEC Inc. bought land and built its plant 10 years ago. Land is not depreciated. The depreciation on the building and plant is calculated using the straight- line method, with a life of 15 years and a salvage value of $500,000. The depreciation for the equipment, all of which was purchased at the same time the plant was constructed, is calculated using declining-balance method with depreciation rate of 5%. Complete the Balance Sheet below and find: The value for the Total Assets = ? (3 point) The value for the Preferred Shares = ? (3 points) The value for the Acid-Test Ratio = ? (3 points) The value for the Return-on-Equity Ratio = ? (3 points) V-TEC Industries Balance Sheet (as of June 30, 2020) Assets Liabilities and Owners' Equity Current Assets Current Liabilities Cash 1,500,000 Accounts Payable 750,000 Accounts Receivable 500,000 Notes Payable 700,000 Securities 1,500,000 Accrued Expense 900,000 Inventories 1,700,000 Total Current Liabilities Prepaid Expenses 800,000 Total Current Assets Long-Term Liabilities Mortgage 1,500,000 Long-Term Assets Long-Term Debt 900,000 Land 1,000,000 Total Long-Term Liabilities 2,400,000 Building and Plant 2,000,000 Less accumulated depreciation Owners' Equity (Net Worth) Preferred Shares Equipment 2,000,000 Common Shares 2,500,000 Less accumulated depreciation Retained Earnings 1,000,000 Total Owners' Equity Total Long-Term Assets Total Liabilities and Owners' Equity Total Assets Income Statement for V-TEC Industries (July 1, 2019 - June 30, 2020) Revenues Expenses Sales 7,900,000 Operating Expenses 750,000 Cost of Goods Sold 3,500,000 Depreciation Expense 355,000 Gross Profit 4,400,000 Interest Expense 250,000 Total Expenses 1,355,000 Net Income Before Taxes 3,045,000 Income Taxes (26.5%) 806,925 Net Income before extraordinary item 2,238,075 Extraordinary Gain 700,000 Net Income 2,938,075 HP