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Here are simplified financial statements of Phone Corporation from a recent year: INCOME STATEMENT (Figures in millions of dollars) Net sales 12,900 Cost of goods sold 3,910 Other expenses 4,132 Depreciation 2,428 Earnings before Interest and taxes 2,430 (EBIT) Interest expense 670 Income before tax Taxes (at 35%) 1,760 616 Net income Dividends 1,144 846 BALANCE SHEET (Figures in millions of dollars) End of Year Start of Year Assets Cash and marketable securities 86 155 Receivables 2,232 2,430 Inventories 172 223 Other current assets 852 917 Total current assets 3,342 Net property, plant, and equipment 19,943 Other long-term assets 4186 3,725 19,885 3,740 ---- Total assets 27,471 27,350 Llabilities and shareholders' equity Payables Short-term debt Other current liabilities 2,534 1,404 796 3,010 1,558 772 Total current liabilities Long-term debt and leases Other long-term liabilities Shareholders' equity 4,734 7,765 6,148 8,824 5,340 7,370 6,119 8,521 Total liabilities and shareholders' equity 27,471 27,350 Phone Corp.'s stock price was $81 at the end of the year. There were 202 million shares outstanding. a. What was the company's market capitalization and market value added? (Enter your answers in billions rounded to 2 decimal places.) $ billion Market capitalization Market value added 69 billion b. What was its market-to-book ratio? (Round your answer to 2 decimal places.) Market-to-book ratio

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