For December 31, 20XX, the balance sheet of the Gardner Corporation is as follows Balance Sheet Liabilities Current Assets $19,200 Accounts payable 0,000 Notes payable 28,000 Bonds payable 14,300 $16,100 25,500 50,600 Cash Accounts receivable Inventory Prepaid expenses Capital Assets Shareholders' Equity Plant and equipment (gross) Less: Accumulated amortization $283,000 Common stock 54,400 Rtined earnings $75,000 132,900 Net plant and equipment 228,600 Total assets $300,100 Total liabilities and shareholders' equity $300,100 Sales for 20XY were $302,000, with cost of goods sold being 66 percent of sales. Amortization expense was 17 percent of plant and equipment (net) at the beginning of the year. Interest expense for the bonds payable was 13 percent, while interest on the notes payable was 18 percent. These are based on December 31, 20XX, balances. Selling and administrative expenses were $27600, and the tax rate averaged 18 percent. During 20XY, the cash balance and prepaid expense balance were unchanged. Accounts receivable and inventory each increased by 19 percent, and accounts payable increased by 25 percent. A new machine was purchased on December 31, 20XY, at a cost of $35,000. A cash dividend of $13,000 was paid to common shareholders at the end of 20XY. Also, notes payable increased by $3,992 and bonds payable decreased by 12,200. The common stock account did not change a. Prepare an income statement for 20XY. (Input all answers as positive values.) Gardner C rporation Income Statement For the Year Ending December 31, 20XY Sales Cost of good sold Gross profit (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) b. Prepare a balance sheet as of December 31, 20XY. (Input all answers as positive values. Be sure to list the assets and liabilities in order of their liquidity.) Gardner Corporation Balance Sheet For the Year Ended December 31, 20XY Liabilities Current Assets (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) Liabilities Current assets Shareholders equit Capital assets (Click to select) (Click to select) (Click to select) (Click to select) Net plant and equipment $ | | Total liabilities and shareholders' equity $ Total assets c. Prepare a statement of cash flows for the year ending December 31, 20XY. (Record the change in the notes payable under the operating activity of Cash flow. Do not leave any empty spaces; input a 0 wherever it is required. Amounts to be deducted should be indicated with a minus sign. Omit $ sign in your response.) Gardner Corporation Statement of Cash Flows For the Year Ended December 31, 20XY Operating Activities: Click to select) Add items not requiring an outlay of cash: Click to select) Cash flow from operations Changes in non-cash working capital: (Click to select) (Click to select) (Click to select) (Click to select) Net Change in non-cash working capital Cash (Click to select)$ operating activities Investing activities: Click to select) Cash | (Click to select) #1 Investing activities Financing activities: Click to select) Click to select) Cash | (Click to select)#| financing activities (Click to select) Cash, beginning of year Cash, end of year