Notes: ignore trial balance mismatch.

Paragraph Create an Income Statement and Balance Sheet from the information provided below. Also, compute the profit margins on the Income Statement $ 110,000 Cost of Goods Sold $ 10,000 Cash $ 10,000 Acct. Payable Sales $ 175,000 Interest Expense $ 3,000 Acct. Receivable $ 15,000 Admin. Expense $ 20,000 Inventory $ 25,000 Selling Expense $ 26,000 Property, Plant, Equipment $ 50,000 Other Assets $ 12,000 Short-Term Note $ 12,000 Long-Term Debt $ 15,000 Equity $ 55,000 Income Taxes $ 8,000