The Arrakis Inc. incorporated in 2019. The following information is available for 2020 (at the bottom the information is in an Excel file).

For 2020, write and complete the Income Statement, Statement of cash Flows and the Balance Sheet.

2020 2019

Sales $2,000,000 $0

Cost Of Goods Sold - % of sales 75% $0

Selling Gross and Administration - SG&A $200,000 $0

Current Taxes (Paid) $80,000 $0

Property, Plant & Equipment (PPE) - cost $250,000 $0

Depreciation (%) 20%

New Common Stock Issued ($) $200,000 $50,000

Number of Shares Issued 20,000 10,000

Debt Issued $100,000 $0

Interest rate on debt 10%

Receivable $180,000 $0

Inventory $200,000 $60,000

Payables $230,000 $30,000

Cash $20,000

Dividend 20,000