EXCEPT the following income statement to answer questions 6 & 7. Income Statement for Jan 2018 to Dec 2018 Sales Costs of Goods Sold Gross Profit Selling, general & Admin Depreciation Operating Profit Interest Expense Taxable Income Taxes (25%) Net Income 400,000 240,000 160,000 40,000 30,000 90,000 15,000 75,000 18.750 56,250 The firm paid dividends of $18,000 at the end of the year. 6. The EBIT for the business is a 160,000 b. 90,000 75,000 d. 56,250 7. The change in retained earnings for the business is 18,000 b. 38,250 c. 56,250 d. 74,250 8. Common-sized income statements a. show data for companies in the same industry. b. show data for companies with approximately the same amount of sales. c. show each income statement account as a percentage of total sales. d. show each income statement account as a percentage of total assets