of 8 Edman Company is a merchandiser that has provided the following balance sheet and income statement for this year. Beginning Balance Ending Balance Assets Cash $ 62,800 $ 150,000 Accounts receivable 160,000 180,000 Inventory 230,000 240,000 Property, plant & equipment (net) 833,000 793,000 Other assets 37,000 37,000 Total assets $1,322,800 $1,400,000 Liabilities & Stockholders' Equity Accounts payable 70,000 80,000 Bonds payable 550,000 550,000 Common stock 410,000 410,000 Retained earnings 292,800 360,000 Total liabilities & stockholders' equity $1,322,800 $1,400,000 Sales This Year $2,500,000 Variable expenses: Cost of goods sold 1,600,000 Variable selling expense 240,000 Total variable expenses 1,840,000 Contribution margin 660,000 Fixed expenses: Net operating income Fixed selling expenses Total fixed expenses Interest expense (8%) 220,000 Fixed administrative expenses 300,000 520,000 140,000 44,000 Net income before tax 96,000 Tax expense (30%) 28,800 Net income $ 67,200 Click here to download the Excel template, which you will use to answer the questions that follow, Click here for a a brief tutorial on Charts in Excel,