C Not secure \ ezta.nheducation.comhm.tpx For December 31, 20X1, the balance sheet of Baxter Corporation was as follows Current Assets Liabilbties 5 30,000 38.000 68,000 s 28,000 Accounts payable Accounts recenatie Prepaid expenses Gross plant and equipment 33,000 Notes payable 43,000 Bonds payable 3,800 Fixed Assets Stockholders Equity S 38,000 73,000 43, 000 s 268,000 PreteTed stock Common stock Pard , Captai Less 53600 Net plant and equipmest Totei assets 214 400 Retaned earnings 5 332 200 Totai labinies and stockhoders equity Sales for 20X2 were $310 00o and the cost af goods sold was 55 percent of sales Seling and administrstive expense was $31,000. Depreciation expense was 11 percent of plant and eqapment (grassi at the begnning at the year Interest expense for the nobes payable was s percent whle the interest rate on the bonds payable was 15 percent This interest expense is based on December 31, 20X1 balances. The lax rate averaged 35 percent $3 800 m pretemed stock avidends were paid, and 55 150 in dividends were paid to common stockhalders. There were 10,000 shares of common stock outstanding During 20x2 the cash balance and prepaid expenses balances were unchanged Accounts receivable and nwentary increased by 9 percent A new machine was purchased on December 31, 20X2 at a cost of $53 000 Accounts payabie increased by 30 percem. Notes payable increased by $7.800 ana bonds payable decreased by 519.000, both at the end af the year The preferred stock, common stock and captal paid in excess of psr accounts did nol charge a. Frepare an ecome statement for 20x2 Round EPS answer to 2 decimal places.) Baxiar Corporation 20x2 income Statement Et