SMOLIRA GOLF CORP. 2005 Income Statement Sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable income Taxes (35%) Net income Dividends Addition to retained earnings $33,500 18,970 1,980 $12,550 486 $12,064 4,222 $ 7,842 $4,000 3,842 Assets SMOLIRA GOLF CORP. 2004 and 2005 Balance Sheets Liabilities and Owners' Equity 2005 2004 2004 2005 Current assets Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment $ 815 2,405 4,608 $ 7,828 $ 906 2,510 4,906 $ 8,322 $ 983 720 105 $ 1,808 $ 4,817 $ 1,292 840 188 $ 2,320 $ 4,960 Current liabilities Accounts payable Notes Payable Other Total Long-Term debt Owners' equity Common stock and paid-in surplus Retained earnings Total Total $15,164 $19,167 $10,000 6,367 $16,367 $22,992 $10,000 10,209 $20,209 $27,489 Total assets $22,992 $27,489 Use the above figures to construct a common-size income statement for Smolira Golf Corp. for 2005