1. Prepare an Income Statement and Balance Sheet from the following information:Sales $800,000, Cost of Goods Sold $300,00, Accounts Receivables $20,000, Bonds Outstanding $160,000, Accounts Payable $20,000, Advertising Expense $1,000, Administrative Expenses $35,000, Interest Expense $24,000, Depreciation Expense $40,000, Rent Expense $5,000, Dividends Paid $137,000, Accruals $20,000, Common Stock $100,000, Retained Earnings $245,000 (Beginning 0f 2015), Cash $20,000, Inventory $45,000, Net Fixed Assets $600,000 (Beginning of 2015).(Assume a 40% Tax Rate)