For December 31. Foxx, the balance sheet of the Gardner Corporation has follows Balance Sheet Current Auris Cash... ....5... Accounts receivable. .... $ 10,000 Accounts payableduncan 1 1200 15,000 Notre payable. ....... 25,000 Bonds parable . ...... Prepald expenses, . 121000 Capital Assets.. ... ...91 Shareholders' Equally Plant and equipment.... Common stock. . . 75 Dog Acc. amonization. . ... 50 000 Artained camings . . . . 105 006 Net plant and equipment 210 000 Total assets. . ....... Shon Total Hab Burn and shareholders' equity.. 1202 030 Sales for 20KY were $220,000, with cout of goods sold being 60 percent of sales, Amortization expense was 10 percent of plant and equipment (net) at the beginning of the year. Interest expense for the bonds payable was 8 percent, while intercut on the notes payable was 10 percent. These are based on December 31, 10XX, balances. Selling and administrative expenses were $32 000, 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 10 percent, and accounts payable increased by 25 percent, A new machine was purchased on December 31, 2OXY, at a cost of $35,000. A cash dividend of $12,800 was pild to common shareholders at the end of 20XY. Also, notes payable increased by $6,000 and bonds payable decreased by $10,000. The common stock account did not change. i. Prepare an income statement for 20XY. b. Prepare a balance sheet as of December 31, 20KY. c. Prepare a statement of cash flows for the year ending December 31, 20KY