Exercise 3 Foxhall Commercial Printers Limited (in 000s of dollars) Equipment, cost $490 Goodwill (net) 37 Work-in-process inventory, April 16, 2018 53 Accounts receivable, net 318 Gross income (profit) 451 Accounts payable 166 Raw materials used 611 Accumulated depreciation, building 98 Net income before tax 154 Accumulated depreciation, equipment 223 Preferred stock 16 Investment in associated company (more than 50 per cent ownership) 154 Estimated income tax expense 48 Selling expense 88 Prepayments 10 Finished goods inventory, April 16, 2018 46 Bank loan, due in 90 days 104 Raw materials inventory, April 16, 2018 61 Marketable securities 38 Long-term debt due within one year 10 General and administrative expenses (includes depreciation expense) 239 Land 12 Materials purchases 625 Taxes payable 25 Other income 53 Direct labour 336 Common stock 114 Building, cost 109 Other expenses, interest 23 Net long-term debt 226 Cost of goods manufactured 1,046 Net sales 1,482 Cash ? Retained earnings 328 Accrued expenses payable 49 Factory overhead (includes depreciation expenses) 98 Retained earnings, April 16, 2018 222Exercise 3 Continued - Foxhall Commercial Printers Limited Assignment Listed in random order are balance sheet and income statement accounts as at, or for the year ending, April 15, 2019, except where otherwise noted by date, for Foxhall Commercial Printers Limited (FCPL). 1. Prepare a statement of cost of goods manufactured, an income statement and a statement of retained earnings for FCPL for the year ending April 15, 2019. 2. Prepare a balance sheet as at April 15, 2019, using cash to balance assets against liabilities and shareholders" equity