The balance sheet and income statement for Chico Electronics are reproduced below (tax rate is4096). PROBLEM 1-8 Fimacial Statement CHICO ELECTRONICS Balance Sheet (S thousands) As of December 31 Year 4 Year 5 Current assets 683 325 1,490 3,599 1415 2,423 Accounts receivable Prepaid expenses 15 Total current assets Property, plant and equipment, net. Other assets Total assets 6,360 1,066 1,541 157 .3,603 $4,792 $8,058 Liabilities and Shareholders Equity Current liabilities Notes payable to bank Current portion of long-term debt Accounts payable Estimated income tax liability Accrued expenses Customer advance payments Total current liabilities . S 875 116 933 472 38 576 1,721 3,945 179 131 122 Long-term debt Other liabilities Total liabilities Shareholders' equity Common stock, $1.00 par value; 1,000,000 shares authorized 550,000 and 829,000 outstanding, respectively Preferred stock, Series A 10%-$25 par value, 25,000 authorized; 500 20,000 and 18,000 outstanding, respectively Additional paid-in capital Retained earnings Total shareholders' equity 575 1368 1,949 2,868 3,803 4,792 $8,058 otal liabilities and shareholders' equity