An incomplete comparative income statement and balance sheet for Madison Corporation follow: |(Click the icon to view the comparative income statements.) (Click the icon to view the comparative balance sheets.) Additional information: (Click the icon to view the additional information.) Requirement 1. Using the ratios, common-size percentages, and trend percentages given, complete the income statement and balance sheet for Madison for 2018. Additional information: 2018 2017 70% 60% Common size cost of goods sold %: Common size common stock %: 25% 20.00% Trend percentage, Operating income 120% 100% Asset turnover 2 Accounts receivable turnover 17.00 Quick (acid-test) ratio 1.35 Current ratio 2.75 Return on equity (DuPont model) 22.00% Begin by completing the income statement for 2018. Madison Corporation Comparative Income Statements Years Ended December 31, 2018 and 2017 2018 2017 Sales revenue $ 1,700,000 $ 2,600,000 1,560,000 Cost of goods sold Gross profit 1,040,000 940,000 Operating expense Operating income 100,000 10,000 Interest expense 10,000 Income before income tax 90,000 18,000 Income tax expense (20%) $ 72,000 Net income Now complete the balance sheet for 2018. Madison Corporation Comparative Balance Sheets December 31, 2018 and 2017 2018 2017 ASSETS Current: Cash $ 35,000 Accounts receivable, net 190,000 150,000 Inventory Total current assets 375,000 125,000 Plant and equipment, net $ Total assets 500,000 LIABILITIES Current liabilities $ 190,000 190,000 10,000 10% Bonds payable Total liabilities 200,000 STOCKHOLDERS' EQUITY Common stock, $5 par Retained earnings Total stockholders' equity 100,000 200,000 300,000 $ Total liabilities and stockholders' equity 500,000