**Please prepare a balance sheet as of December 31,2011 and an income statement for the year ending December 31, 2011 for the Coronado manufacturing company. Please also calculate the balance in the Retained earnings account as of December 31, 2011. (The company paid no dividends during 2011) Account balances as of December 31,2011 Operating expenses $220,000 Interest expense $40,000 Cost of Goods sold $500,000 Net Sales $800,000 Taxes $20,000 Accounts receivable $100,000 Machinery & equipment $700,000 Accumulated Depreciation $236,000 Notes payable (ST) $100,000 Inventory $90,000 Accounts payable $90,000 Long-term debt $160,000 Common stock $300,000 Cash $46,000 Retained earnings 12/31/10 ?? Retained earnings 12/31/11