lProblem 1. The following items are taken from the ledger of Mitchell Company at the year-end December 31, 2017: Accounts Payable Accounts Receivable Accumulated Depreciation Bonds Payable Cash Common Stock Cost of Goods Sold Depreciation Expense Dividends Equipment Interest Expense Patents Retained Earnings (Jan. 1, 2017) Salaries Expense Sales Revenue Supplies $19,500 4,000 4,800 18,000 20,000 25,000 12,000 4,800 4,300 48,000 3,500 7,500 16,000 5,200 30,500 4,500 Instructions: (a) Prepare an income statement, a retained earnings statement, and a classified balance sheet for Mitchell Company for the year. (b) Compute the following ratios: 1. Current ratio 2. Debt to total assets ratio 3. Earnings per share (averaged common shares outstanding is 20,000 shares) 4. P/E ratio (market price at end of year is $3.50 per share)