Section C This section is worth 40%. Answer all of the following questions. C. The following information for the year 2020 of ITA corporation is available to you: dividend payments were 25% of net income; end of year long term debt was 225,000; the tax rate was 30%; depreciation was 100,000; sales were 650,000; selling, general, and administrative expenses were 80,000; cost of goods sold was 200,000; cash flow to creditors was 45,000; end of year notes payable was 15,000; end of year inventory was 50,000; end of year cash was 30,000; end of year accounts payable was 30,000; end of year accounts receivable was 20,000; end of year accumulated retained earnings was 120,000, end of year intangible net fixed assets was 50,000 and capital spending was 200,000. The following information for the year 2019 of ITA corporation is available to you: end of year long term debt was 200,000; end of year tangible net fixed assets was 600,000 and end of year intangible net fixed assets was 50,000. a. Prepare the income statement of the firm for 2020. (15%) b. Prepare the balance sheet of the firm for end of year of 2020. (15%) c. Prepare the common-size balance sheet of the firm for end of year of 2020. (10%)