1. At the end of 2003, the Carillon Project has $125,000 in accumulated depreciation and $100,000 in retained earnings. 2004 2005 Sales $350,000 $450,000 Notes Payable 20,000 50,000 Tax Rate 40% 40% Gross Fixed Assets $750,000 $1,100,000 Total Current Liabilities 130,000 170,000 Interest Expense 20,000 30,000 Cash 20,000 30,000 Accounts Payable 80,000 60,000 COGS 40% of Sales 30% of Sales Total Current Assets 130,000 180,000 Total Liabilities 300,000 340,000 Net Income 36,000 42,000 General, Selling and 10% of Sales 10% of Sales Administrative Expenses Accounts Receivable 40,000 60,000 Addition to Retained 20,000 30,000 Earnings PREPARE A STATEMENT OF CASH FLOW AND COMMENT ON THE STRENGTHS AND WEAKNESSES YOU OBSERVE