Assets Liabilities Cash Accounts Payable Accounts Receivable . Notes Payable Inventory Bonds Payable Total Current Assets . Total Liabilities Plant and Equipment . Equity Less: Aeeum. Depree. Common Stock 300.000 Net Plant and Equipment 3 1.000.000 Paid In Capital 200.000 Retained Earnings 480 000 Total Assets $ 1.500.000 Total Equityr $ 930.000 Total Liab. 3.: Equity $ 1.500.000 Consider the Balance sheet for a firm for December 31, 2020. Sales for 2020 were $4,500,000, with the operating cost except of depreciation being 20% of sales. Depreciation expense was 12% of the gross plant and equipment at the beginning of the year. Interest expense was 7.5% on the notes payable and 17% on the bonds payable and the firm's tax rate and dividends payout are 40% and 30% respectively. Required: 1. Prepare an income statement year 2020 by using the response template below. Refer to the response template below. 2. What you can say about performance of the firm by the end of 2020? AY B E Income Statement 2020 Net sales Operating costs except depreciation Earnings before interest, taxes, deprn, and amortization (EBITDA)* Depreciation Earnings before interest and taxes (EBIT) Less interest Earnings before taxes (EBT)