Income Statement 2017 Sales Cost of Goods Sold Depreciation Expense Gross Profit Selling and Administrative Expenses LOTY Interest Expense Income before Tax Taxes Not Inco $9,500,000 5,750,000 550,00 $3,000,000 2.200,000 $ 200.000 200,00 $ 600.000 $225,000 Flathead the Manufacturing Comparative Balance Sheet 2017 2016 Cach $50,000 $40,000 Accounts Receivable 570.000 600,000 Inventory 330.000 400,000 Total Current Assets $1,150,000 $1,100,000 Fixed Assets 2.050.000 1,400,000 Total Assets $3,200,000 $2,500,000 Account Payable $ 320,000 $100,000 Bank Loan 480,000 400,000 Total Current Liabilities $ 300,000 $ 700,000 Longitur Bonds 1,500,000 1.000.000 Total Liabilities $2,300,000 $1,700.000 Common Stock (200,000 shares) 200,000 200,000 Hetained Earnings 200,000 500.000 Total Equity $_300,000 $100,000 Total Liabilities and Equity $3,200,000 $2,500,000 Note The common shares are trading in the stock market for 515 pet share Refer to the financial statements of thead Lake Manufacturing Company in 2017 Flathead generated of EBIT for every one of sales