* 4. The Cyclone Corporation. has incorporated in 2017 and went public in 2018 with a common stock offering. The following financial information has been gathered on the last day of 2016. The following 2018 2017 Sales 5,000,000 Financial Statement COG(% of sales) 80% SG&A (Selling, General & Administrative Expenses) 300,000 Depreciation (%)2 25% 25% Long Term Debt(borrowed) 250,000 Interest Rate (on debt) 20.00% Common Stock Issued ($) 800,000 200,000 Number of Shares Issued 20,000 5,000 Cash 100,000 Receivable 400,000 0 Acepts Inventory 600,000 Acquired Property, Plant & Equipment (PPE) 800,000 Payables 600,000 Current Taxes Paid 100,000 Dividend rate* 20% 1- COG - Cost of Goods Sold as a proportion of sales IT.iability and Equity Balance Sheet 2- 25% depreciation per year, is equivalent to 4 years straight line 3- Common stock Issued in $ is the total value collected in the offering, while the number of shares refers to the share count. 4- Dividend as a proportion of Net Income There was no income in 2017. Prepare the 2018 Income statement and Statement of Cash flow first. Use the Income Statement retained earnings and the Statement of Cash Flows to complete the 2018 Balance sheet, use. Use question 5 setup as your guide. You can also do your work using the posted Excel data model