Sales Cour of good and Gospel Ourent Selling admin pes 2.200.000 FI SESSO Profes et income Shares 200.000 Tot Total S. What is the lowest amount to capitalenditures pel 2012 500.000 $1.500.000 Lake Manufacturing Financials Income Statement 12 months ending 2012 Sales $9,300,000 Cost of goods sold 5,750,000 Depreciation expense 550,000 Gross profit 3,000,000 Selling & admin expenses 2,200,000 EBIT 800,000 Interest expense 200,000 Profit before tax 600,000 Taxes 375,000 Net income $225,000 Balance Sheet Year ending 2012 2011 Cash 50,000 40,000 Accounts receivable 570,000 600,000 Inventory 530,000 460,000 Total current assets 1,150,000 1,100,000 Fixed assets 2,050,000 1.400,000 Total assets $3,200,000 $2,500,000 Shares-diluted 200,000 Accounts payable Bank loans Total current liabilities LT Bonds Total liabilities Common stock Retained earnings Total equity Total liab. & equity 320,000 300,000 480,000 400,000 800,000 700,000 1,500,000 1,000,000 2,300,000 1,700,000 200,000 200,000 700,000 600,000 900,000 800,000 $3,200,000 $2,500,000 What is the closest amount Lake spent on capital expenditures (aka capex) in 2012? $500,000 $1,000,000 $1,500,000 $2,000,000