ecktroniks Company reported in its annual report software refinement expenses of $12 million, $15 million, and $18 million for fiscal years 2015, 2016, and 2017, respectively. At the end of fiscal 201

ecktroniks Company reported in its annual report software refinement expenses of $12 million, $15 million, and $18 million for fiscal years 2015, 2016, and 2017, respectively. At the end of fiscal 2017, it had total assets of $140 million. Net income was $20 million for fiscal 2017, and it had a marginal tax rate of 35%.

If software refinement had been capitalized each year and amortized over a three-year period beginning in the year the cost was incurred, total assets at the end of fiscal 2017 would have been: