We are working on a comprehensive/spreadsheet problem (financial statements, cash flow and taxes). A balance sheet for a company called Laiho Industries.

2008 Cash $102, 850 Accounts receivable 103, 365 Inventories 38, 444 Total current assets $244,659 Net fixed assets 67, 165 Total Assets $311,824 Accounts payable $30, 761 Accruals 30, 477 Notes Payable 16,717 Total current liabilities $77, 955 Long term debit $76,264 Total liabilities $154,219 Common stock $100,000 Retained earnings $57,605 Total common equity $157, 605 Total liabilities and equity $311,824

2007 Cash 89725 Accounts receivable 85527 Inventories 34982 Total current assets $210,234 Net fixed assets 42436 Total Assets $252,670 Accounts payable 23109 Accruals 22656 Notes Payable 14,217 Total current liabilities 59982 Long term debit $63,914 Total liabilities $123,896 Common stock $90,000 Retained earnings $38,774 Total common equity 128774 Total liabilities and equity $252,670

Sales for 2018 were $455,150,000, and EBITDA was 15% of sales. Furthermore, depre-ciation and amortization were 11% of net fixed assets, interest was $8,575,000, the corporate tax rate was 40%, and Laiho pays 40% of its net income as dividends. Given this information, construct the firms 2018 income statement.