1. Using the data presented below: Big Rock Candy Mountain Mining Co. Income Statements For the Years 2019 and 2020 2020 2019 Sales $412,500 $398,600 Cost of Goods 318,786 315,300 Gross Profit 93,714 83,300 Depreciation 29,800 29.652 Selling & Admin. Expense 26,250 24,550 Other Operating Expense 1.210 1.245 Net Operating Income 36,454 27,853 Interest Expense 8.582 8,457 Earnings Before Taxes 27.872 19,396 Taxes 6.968 4,849 Net Income 20,904 14,547 Notes: Tax Rate 25.00% 25.00% Shares 52.100 52.100 Eamings per Share $0.40 $0.28 2019 Big Rock Candy Mountain Mining Co. Balance Sheet For the Year Ended December 31, 2020 2020 Assets Cash $16,435 Marketable Securities 3,656 Accounts Receivable 45.896 Inventory 52.397 Total Current Assets 118,384 Gross Fixed Assets 436,573 Accumulated Depreciation 87.450 Net Plant & Equipment 349,123 Total Assets 467,507 Liabilities & Owner's Equity Accounts Payable $37.752 Accrued Expenses 3.183 Total Current Liabilities 40.935 Long-term Debt 170,562 Total Liabilities 211.497 Common Stock ($1.00 par) 58,664 Additional Paid-in-Capital 136,807 Retained Earnings 60.539 Total Owner's Equity 256,010 Total Lab & Owner's Equity 467.507 $11,596 619 47,404 54,599 114.218 397,023 57.650 339.373 453,591 $36,819 3,085 39.904 178,581 218,485 58,664 136,807 39.635 235,106 453,591 a. Recreate the income statement and balance sheet using formulas wherever possible. Each statement should be on a separate worksheet. Try to duplicate the formatting exactly b. On another worksheet, create a statement of cash flows for 2020. Do not enter any numbers directly on this worksheet. All formulas should be linked directly to the source on previous worksheets. a. Using Excel's outlining feature, create an outline on the statement of cash flows that, when collapsed, shows only the subtotals for each section d. Suppose that sales were $425,000 in 2020 rather than $412,500. What is the 2020 net income and retained earnings? e. Undo the changes from part d, and change the tax rate to 20%. What is the 2020 net income and retained earnings