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Income Statement for the year ending December 31, 2018 (In thousands) Sales $50,000 COGS 23,000 Gross profit 27,000 Selling Exp. 5,000 EBIT 22,000 Depreciation 5,000 EBT 17,000 Taxes (40%) 6,800 Net Income $10,200 Common div. 1,000 Balance Sheet December 31, 2018 (in thousands) Assets Cash 5,000 Accounts Receivable 20,000 Inventory 15,000 Inventory 15,000 Total Current Assets 40,000 Fixed Assets, net 20,000 Total Assets $ 60,000 Liabilities: Accounts Payable $15,000 Notes Payable 10,000 Accrued expenses 5,000 Total Current Liabilities 30,000 Long Term Debt 11,000 Common Stock 15,000 Retained Earnings 4,000 Total Liab. & Equity $60,000 Number of shares outstanding 10,000 shares Price per Share $100 Sales for 2019 are projected to double; No new equipment is expected to be purchased or sold in 2019. Depreciation expense along with common stock will remain unchanged in 2019. Current assets, accounts payable, accrued expenses, COGS, and selling expenses vary at a constant percentage of sales. Notes payable, long-term debt, and common stock are scheduled to stay the same. Projected net profit for 2019 is: O $ 3,400 O $23,400 O $10,200 O $20,400 Retained earnings for the end of the year 2019 are projected to be: O $ 7,400 O $26,400 O $15,730 O $4,000 Forecasted total assets for the end of the year 2019 are: O $ 95,000 O $ 60,000 O $100,000 O $120,000