From the following information, construct a simple income statement and a balance sheet: Sales Finished goods Long-term

From the following information, construct a simple income statement and a balance sheet:

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Sales Finished goods Long-term debt Raw materials $1,000,000 200,000 300,000 100,000 Cash 50,000 Cost of goods sold 600,000 Accounts receivable 250,000 Plant and equipment 400,000 Interest expense 80,000 Number of shares outstanding 100,000 Earnings before taxes 220,000 Taxes 100,000 Accounts payable 200,000 Other current liabilities 50,000 Other expenses 100,000 Equity 450,000