X-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 30 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 10%. 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) Note: This is a MULTIPLE-ANSWER problem, you have to select one correct answer for each of the above 4 questions. X-TEC Industries Balance Sheet (as of June 30, 2020) Assets Liabilities and Owners' Equity Current Assets Current Liabilities Cash 1,500,000 Accounts Payable 650,000 Accounts Receivable 500,000 Notes Payable 700,000 Securities 1,500,000 Accrued Expense 800,000 Inventories 1,200,000 Total Current Liabilities Prepaid Expenses 300,000 Total Current Assets Long-Term Liabilities Mortgage 2,500,000 Long-Term Assets Long-Term Debt 300,000 Land 1,500,000 Total Long-Term Liabilities 2,800,000 Building and Plant 2,000,000 Less accumulated depreciation Owners' Equity (Net Worth) Preferred Shares Equipment 3,000,000 Common Shares 1,500,000 Less accumulated depreciation Retained Earnings 500,000 Total Owners' Equity Total Long-Term Assets Total Liabilities and Owners' Equity Total Assets Income Statement for X-TEC Industries (July 1, 2019 - June 30, 2020) Revenues Expenses Sales 5,400,000 Operating Expenses 550,000 Cost of Goods Sold 2,600,000 Depreciation Expense 350,000 Gross Profit 2,800,000 Interest Expense 150,000 Total Expenses 1,050,000 Net Income Before Taxes 1,750,000 Income Taxes (26.5%) 463,750 Net Income before extraordinary item 1,286,250 Extraordinary Gain 500,000 Net Income 1,786,250 Total Assets - 9 522 025 sets - 8 Total Assets = 8,523,035. Total Assets = 9,046,035. Total Assets = 9,976,235. Total Assets = 10,350,435. O Preferred Shares = 1,826,235. O Preferred Shares = 1,959,235. O Preferred Shares = 2,096,035. O Preferred Shares = 2,228,335. Acid-Test Ratio = 2.326 Acid-Test Ratio = 1.628 Acid-Test Ratio = 1.395 Acid-Test Ratio = 0.835 Return-on Equity Ratio = 0.4361 Return-on Equity Ratio = 0.3140 O Return-on Equity Ratio = 0.2916 O Return-on Equity Ratio = 0.2120