During the year, Belyk Paving Co. had sales of $2,397,000. Cost of goods sold, a

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During the year, Belyk Paving Co. had sales of $2,397,000. Cost of goods sold, administrative and selling expenses, and depreciation expense were $1,428,000, $435,300, and $490,300, respectively. In addition, the company had an interest expense of $215,300 and a tax rate of 30 percent (ignore any tax loss carryback or carryforward provisions.). Belyk Paving Co. paid out $403,000 in cash dividends. Assume that net capital spending was zero, no new investments were made in net working capital, and no new stock was issued during the year.

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