Question 1: The following information and ratios of XYZ Ltd related to the year ended December 31, 2019. 1. Accounting Information Gross Profit 15% of Sales Net profit 8% of Sales Inventory to sales 5% Average collection Period 60days All Sales on Credit 2. Financial Ratios Fixed Assets to Sales 33.3% Fixed Assets to Current Assets 118% Current ratio 2x Long-term loans to current liabilities 67% Capital to Retained earnings 25% If the value of fixed assets as of December 31, 2019 amounted to $2,600,000, prepare a summarized income statement for the year ended December 31, 2019 and Balance sheet as of December 31, 2019.