Exercise 1. Income Statement Fiscal year is Jan-Dec USD mns Sales Apply the common size analysis method for the following income statement and balance sheet: 2020 Common size 1,813,763 Cost of Goods Sold (COGS) 342,429 SG&A Expense 447,371 2019 Common size 1,750,992 330,578 431,889 Research & Development 34,068 32,889 Operating profit 989,895 955,637 Non Operating Income/Expense 174,667 168,622 Non-Operating Interest Income 102,558 99,008 Interest Expense 107,728 104,000 Pretax Income 604,943 584,007 Income Tax 181,483 146,002 Consolidated Net Income 423,460 438,005 Balance sheet Fiscal year is Jan-Dec USD mns Cash & Short Term Investments 2020 Common size 2019 Common size 15,401,017 15,715,580 Total Accounts Receivable 2,217,098 Inventories 4,384,493 2,262,382 4,474,046 Total Current Assets 22,002,609 22,452,009 Net Property, Plant & Equipment 3,086,947 3,149,997 Intangible Assets 3,315,550 3,383,270 Tangible Other Assets 1,788,610 1,825,143 Total Assets 30,193,716 30,810,419 ST Debt & Current Portion LT Debt 6,771,389 6,909,694 Accounts Payable 2,396,961 2,445,918 Income Tax Payable 2,772,628 2,829,259 Total Current Liabilities 11,940,978 12,184,871 Long-Term Debt 8,737,646 8,916,111 Deferred Taxes 1,400,674 1,429,283 Other Liabilities 2,894,137 2,953,250 Total Liabilities 24,973,435 25,483,514 Common Equity (Total) 5,220,281 5,326,905 Liabilities & Shareholders' Equity 30,193,716 30,810,419