The following statistics relate to Michgate, an electric utility:

Required
a. Calculate the following for 2009, 2008, and 2007:
1. Operating ratio
2. Funded debt to operating property
3. Percent earned on operating property
4. Operating revenue to operating property
b. Comment on trends found in the ratios computed in (a).
c. Comment on the trend between earnings per share and cash flow pershare.

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2009 2008 2007 (In thousands of dollars, except per share) Operating expenses Operating revenues Eanings per share Cash flow per share Operating property Funded debt (long-term) Net income S850,600 1,080,500 3.00 3.40 3,900,000 1,500,000 280,000 S820,200 1,037,200 2.90 3.25 3,750,000 1,480,000 260,000 S 780,000 974,000 2.60 2.30 3,600,000 1,470,000 230,000