ABC Corporation had the following balance sheet on December 31,20XX : Sales for 20XY were $303,000, with cost of goods sold being 64 percent of sales. Amortization expense was 11 percent of plant and equipment (net) at the beginning of the year. Interest expense for the bonds payable was 15 percent, while interest on the notes payable was 17 percent. These are based on December 31,20X, balances. Selling and administrative expenses were $30,600, and the tax rate averaged 18 percent. During 20XY, the cash balance and prepaid expense baiance were unchanged. Accounts receivable and inventory each increased b 19 percent, and accounts payable increased by 26 percent. A new machine was purchased on December 31,20XY, at a cost of $28,500. A cash dividend of $22,400 was paid to common shareholders at the end of 20XY. Also, notes payable increased by $8,792 and bonds payable decreased by 10,020 . The common stock account did not change a. Prepare an income statement for 20XY. (Input all answers as positive values.) b. Prepare a balance sheet as of December 31,20XY (Input all answers as positive values. Be sure to list the ossets and liabil order of their liquidity.)