Financial ratios computed for Whittaker, Inc., include the following: Current ratio 1.9 to 1 Acid-test ratio 1.1 to 1 Debt/equity ratio 2.5 to 1 Inventory turnover 3.2 times Accounts receivable turnover 5.6 times Times interest earned 4.95 times Gross profit ratio 40 % Return on investment 11.09 % Earnings per share $ 10.11 All sales during the year were made on account. Cash collections during the year exceeded sales by $12,000, and no uncollectible accounts were written off. The balance of the accounts receivable account was $48,000 on January 1, 2017. No common stock was issued during the year. Dividends declared and paid during the year were $4,000. The balance of the inventory account was $8,200 on January 1, 2017. Interest expense on the income statement relates to the 12% bonds payable; $10,000 of these bonds were issued on May 1, 2017; the remaining amount of bonds payable were outstanding throughout the year. All bonds were issued at face amount. Required: a. Complete the income statement and balance sheet for Whittaker, Inc. Sales Cost of Goods Sold Gross Profit Operating Expenses Income From Operations Interest Expense Income before taxes Income taxes (20%) Net Income Balance Sheet Current Assets: Cash Accounts receivable,net Inventory Total Current Assets Property, plant, and equipment, net Total Assets Current Liabilities Bonds Payable, 12% Total Liabilities Stockholders' Equity Common Stock, $4 par value Additional Paid-in Capital Retained Earnings Total Stockholders Equity Total Liabilities and Stockholders' Equity