20XX means last year. 20XY means current year. For December 31, 20XX (last year), the balance sheet is as follows. Sales for 20XY were $297,000, with cost of goods sold being 63 percent of sales. Amortization expense was 10 percent of plant and equipment (net) at the beginning of the year. Interest expense for the bonds payable was 14 percent, while interest on the notes payable was 19 percent. These are based on December 31, 20XX, balances. Selling and administrative expenses were $30,000, and the tax rate averaged 18 percent. During 20XY, the cash balance and prepaid expense balance were unchanged. Accounts receivable and inventory each increased by 14 percent, and accounts payable increased by 34 percent. A new machine was purchased on December 31 , 20XY, at a cost of $41,500. A cash dividend of $10,500 was paid to common shareholders at the end of 20XY. Also, notes payable increased by $2,170 and bonds payable decreased by 10,070 . The common stock account did not change. Please only enter numbers. No decimal places. No $. No comma. a. Prepare an income statement for 20XY. (Input all answers as positive values.) Please only enter numbers. No decimal places. No \$. No comma. a. Prepare an income statement for 20XY. (Input all answers as positive values.) Income Statement For the Year Ending December 31, 20XY. Sales Cost of goods sold Selling and administration expense Amortization expense Interest expense Taxes Earnings after taxes (net income) b. Prepare a balance sheet as of December 31, 20XY. (Input all answers as positive values.) Balance Sheet For the Year Ended December 31, 20XY Assets: Cash Accounts receivable Inventory Prepaid expenses Plant and Equipment less: acc. amortization Net pland \& equipment Total assets Liabilities Accounts payable Notes payable Bonds payable Shareholders' equity: Shareholders' equity: Retained earnings Common stock Total liabilities \& equity c. Prepare a statement of cash flows for the year ending December 31, 20XY. ( Negative cashflow should be indicated with a minus sign.) Statement of Cashflows For the Year Ended Dec 31, 20XY Operating Activities: Net income Add items not requiring an outlay of cash: Amortization Expense Amortization Expense Changes in non-cash working capital: Change in accounts receivable Change in inventory Change in accounts payable Change in notes payable Cash provided by/used in operating activities Investing activities: Change in plant and equipment Cash provided by/used in Investing activities Financing activities: Change in bonds payable Common stock dividends paid Cash provided by/used in financing activities Net change of cash Cash, beginning of year Cash, end of year