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Please Help. Thanks Based on the information in the table below, prepare an income statement for Windswept Woodworks, Inc. for year 2. Assume that the

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Based on the information in the table below, prepare an income statement for Windswept Woodworks, Inc. for year 2. Assume that the company pays a flat tax rate of 34% on its taxable income. (Round each entry to 2 decimal places.) Year 1 Po 00 w NNW W 00 CON n.a. Windswept Woodworks, Inc. Input Data (millions of dollars) Year 2 Accounts payable 436 Accounts receivable 1,280 Accumulated depreciation 6,746 Cash & equivalents 224 Common stock 1,184 Cost of goods sold 1,500 Depreciation expense Common stock dividends paid Interest expense 140 Inventory 1,014 Addition to retained earnings 602 Long-term debt 812 Notes payable 230 Gross plant & equipment 10,260 Retained earnings 3,062 Sales 3,018 Other current liabilities 116 Tax rate 34% Market price per share - year end $ 19.80 Number of shares outstanding 500 million n.a. n.a. n.a. 1,026 n.a. 736 380 10,000 2,476 n.a. 96 n.a. 17.50 500 million $ Sales Cost of goods sold Gross profit on sales Depreciation expense Earnings before interest and taxes Interest expense Taxable income Taxes (@34%) Net income

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