Answer the following questions using the information attached

1. Use the accounts below to prepare financial statements for Instagraph. Instagraph - 2019 accounts Cost of goods sold $135,000,000 Common stock $65,000,000 Long-term debt $57,000,000 Cash $24,900,000 Notes Payable $28,200,000 Selling, general and administrative expenses $32,000,000 Inventory $62,400,000 fixed assets $165,000,000 Interest expense $15,000,000 Sales $255,000,000 Accounts payable $36,000,000 Depreciation $12,000,000 Retained earnings $108,100,000 Lease expense $20,000,000 Accounts receivable $42,000,000 a. Prepare an income statement for 2019. b. Prepare a balance sheet for 2019