Problem #1 (35 marks) Consider the following simplified Statement of Comprehensive Income and Statement of Financial Position from Smith Corporation's 2018 Annual Report to Shareholders. Smith Corporation Statement of Comprehensive Income ($ millions) Net sales $8,324 $4,988 $1,190 $2,146 Cost of goods sold Depreciation Earnings Before interest and taxes Interest paid Taxable income $320 $1,826 Taxes $621 Net income $1.205 Smith Corporation Statement of Financial Position 2017 & 2018 (8 millions) 2017 2018 2017 2018 Cash $5,415 $3,341 1,110 1,650 Accounts payable Notes payable Accounts rec. $2,460 $979 2,500 1,900 2,405 2,885 Total 3,610 3,550 Inventory Total 10,280 7,205 Long-term debt 4,600 Net fixed assets 12,300 16,720 Common stock 4,800 5,100 9,070 5,900 9,875 23,925 Total assets 22,580 Retained earnings Total liabilities and Owner's equity 23,925 22,580 a) Generate the common-size income statement for 2018. (4 marks) b) For the asset side of the balance sheet create the common-size statement for 2017 and 2018. (4 marks) c) Generate the 2018 cash-flow statement for Smith Corporation. (12 marks, one per entry)