based on modified problems 4.3 from the reference text [Flynn (2009)] from page 135 of the textbook: Fill a balance sheet for the company at the end of two years of operation: a. The company has gross sales of $48 million per year and the pattern of sales is even, i.e. there is no cyclical pattern to sales. b. Customers are large firms with a typical payment pattern of every 45 days. c. COGS covers material only and takes 60%; labour costs are in SG&A; d. Monthly payroll is $280000, paid biweekly. e. There are enough raw materials on hand to support one month of manufacturing; two months of actual production of finished goods are in the warehouse. f. The company pays its suppliers 30 days after goods are received. g. The owners started the business with an initial capital injection of $5.6 million 25 months ago. h. The owners borrowed $7 million of long-term debt with the principal repayment in 10 equal annual payments (assume the principal repayment on debt has been made for year 2). i. The company purchased $8 million assets with a straightline depreciation period of 10 years. j. In the first two years of the business, the company had a cumulative net income of $1,800,000 and paid dividends of $300,000 ($150,000 per year) to the owners. k. The company has a short-term credit line that runs positive or negative based on the fluctuations of the business. Notes: 1. Use the information provided in the problem statement to assign the quantities for the various accounts in the balance sheet below. 2. Calculate the required quantities to indicate the correct amount on each of blanks in the balance sheet for those accounts. 3. Express your quantities in your answer in thousands ($000). 4. If needed, round your answer to 2 decimal places. 5. Answer the questions regarding the hypothetical scenario presented after the balance sheet. Balance Sheet - $(000) Assets Current Assets: Liabilities Current Liabilities: drawn from based on the fluctuations of the business. n. There are no short or long term investments, no prepaid expenses, no goodwill, and no repayable grants, and taxes are up to date. Notes: 1. Use the information provided in the problem statement to assign the quantities for the various accounts in the balance sheet below. 2. Calculate the required quantities to indicate the correct amount on each of blanks in the balance sheet for those accounts. 3. Express your quantities in your answer in thousands ($000). 4. If needed, round your answer to 2 decimal places. Balance Sheet - $(000) Assets Liabilities Current Assets: Current Liabilities: Cash e.g. 500 Short-Term Credit Line Receivables Short-Term Investments Inventory Accounts Payable Accrued Expenses Taxes Payable Current Portion Prepaid Expenses Fixed Assets: Long-Term Debt Sum of the Current Liability Long Term Liabilities: Repayable Grants Long-Term Debt Land, Bld.&Equip.@Cost Less Accumulated Depreciation Total Fixed Assets Long-Term Investments Shareholders Equity: Capital Shares Goodwill Retained Earnings Total liabilities And Prepaid Expenses Fixed Assets: Current Portion Long-Term Debt Sum of the Current Liability Long Term Liabilities: Repayable Grants Long-Term Debt Land, Bld.&Equip.@Cost Less Accumulated Depreciation Total Fixed Assets Shareholders Equity: Capital Shares Long-Term Investments Goodwill Retained Earnings Total Liabilities And Total Assets Equity