\begin{tabular}{|c|c|} \hline Read aloud & + \\ \hline Ending Inventory & $350,000 \\ \hline Equipment and Vehicles & $2,425,000 \\ \hline Goodwill & $180,000 \\ \hline Insurance Expenses & $72,000 \\ \hline Interest Expenses & $35,000 \\ \hline Land & $3,000,000 \\ \hline Long-Term Notes Payable & $525,000 \\ \hline Merchandise Purchased & $725,000 \\ \hline Notes Receivable & $99,500 \\ \hline Rent & $27,000 \\ \hline Retained Earnings & $3,530,500 \\ \hline Salaries & $420,000 \\ \hline Sales (Net) & $3,789,000 \\ \hline Short-Term Notes Payable & $32,000 \\ \hline Utilities & $12,000 \\ \hline \end{tabular} The formula for the balance sheet is: As the accountant for Konen International, Inc., it is your job to prepare the company's income statement and balance sheet. Use the accounts listed below to construct the statements. NOTE: Assume that the tax rate is 25%. LIST OF ACCOUNTS for KONEN INTERNATIONAL, INC. BALANCE SHEET ASSETS Current Assets Cash Accounts Receivable Notes Receivable Ending Inventory Fixed Assets Land Buildings Equipment \& Vehicles Depreciation (Deduct) Other Assets Goodwill \begin{tabular}{l} $$ \\ \hline$ \end{tabular} Total Current Assets \begin{tabular}{l} $$ \\ \hline$ \\ \hline \end{tabular} Total Fixed Assets $ Total Other Assets TOTAL ASSETS LIABILITIES AND OWNERS EQUITY LIABILITIES Current Liabilities