2. Income Statement and Taxes a) Find the missing values for the income statement below: Fresno Cleaners 2018 Income Statement Net sales Cost of goods sold Depreciation EBIT Interest paid Earnings before taxes Taxes 32% Net income Dividends paid Addition to retained earnings $ 68,700 51,300 4,600 ? 1,225 ? ? 3,400 ? O b) If a firm has $300,000 in taxable income in both 2017 and 2018: What is the firm's tax liability for each year? What is the average tax rate for each year? What is the marginal tax rate for each year? o 3. Cash Flow In 2017 Fresno Cleaners' balance shows: current assets is 34,500, fixed assets is 80,000, current liabilities is 20,300, long-term debt is 55,600, equity is 38,600. The 2018 balance sheet shows: current assets is 36,100, fixed assets is 82,300, current liabilities is 23,200 long-term debt is 51,100, equity is 44,100. Fresno Cleaners 2018 Income Statement $ 68,700 51,300 4,600 ? 1,225 Net sales Cost of goods sold Depreciation EBIT Interest paid Earnings before taxes Taxes 32% Net income Dividends paid Addition to retained earnings 3,400 ? Use the balance sheet information and the 2018 Income Statement (from Question 2) to calculate cash flow from assets, cash flow to creditors and cash flow to stockholders