Create a common-size income statement and balance sheet for 2003 and 2004

the Aspen Industries Income Statement For the Year Ended December 31, 2004 and 2003 2004 Sales 285,000 190,000 Cost of Goods Sold 215.000 143.000 Gross Profit 70,000 47,000 Operating Expenses Variable Expenses 28 500 19.000 Fred Expenses 21.000 20.000 Depreciation 10.000 4.500 Total 59 500 4500 Earnings Before Interest and Taxes 10.500 3.500 Interest Expense 6,100 3.000 Earnings Before Taxes 4,400 500 Taxes 1.500 175 Net Income 2.50 325 Notes: Tax Rate Payout Ratio 30% Dividends RS Aspen Industries Balance Sheet As of December 31, 2004 and 2003 2004 2003 Assets 4.000 Accounts Receivable 16,000 Inventories 42500 29,000 Total Current Assets SO 500 Land 26,000 20.000 Buildings and Equipment 100 000 70,000 Accumulated Depreciation (30 28.000) Total Fixed Assets 88000 Total Assets 150 SOO 112.500 Liabilities and Owner's Equity Accounts Payable 22.298 10.500 Short-term Bank Notes 47.000 17.000 Total Current Liabilities 60295 27.500 Long-term Debt 22950 28,750 Commen Stock 31.500 31.500 Retained Earnings 26752 24,750 Total Liabilities and Owner's Equity 150 SOO 112.500 12.500 Create a common-size income statement for 2003 and 2004. This statement should be created on a separate worksheet with all formulas linked directly to the income statement b. Create a common-size balance sheet for 2003 and 2004. This statement should be created on a separate worksheet with all formulas linked directly to the balance sheet