At the end of 2001, the Zedo Company has $75,000 in accuumulated depreciation and $45,000 in retainned earnings. Cost of sales inclues SG&A but not depreciation.

	2002	2003
Sales	$1,200,000	$1,600,000
Notes Payable	50,000	30,000
Tax Rate	40%	40%
Gross Fixed Assets	$1,200,000	$1,500,000
Total Current Liabilities	300,000	400,000
Interest Expense	60,000	80,000
Cash	80,000	120,000
Accounts Payable	160,000	140,000
Current Ratio	1.4 times	1.5 times
Total Liabilities	600,000	880,000
Net Income	33,600	54,000
Accounts Receivable	140,000	160,000
Dividends	14,000	18,000
Cost of Sales	80% of sales	80% of sales

Complete the income statements and balance sheets for 2002 and 2003.