The balance sheet provides a snapshot of the financial condition of a company. Investors and analysts use the information given on the balance sheet and other financial statements to make several interpretations regarding the company's financial condition and performance. Cold Goose Metal Works Inc. is a hypothetical company. Suppose it has the following balance sheet items reported at the end of its first year of operation. For the second year, some parts are still incomplete. Use the information given to complete the balance sheet. Year 1 $0 0 625 Cold Goose Metal Works Inc.Balance Sheet for Year Ending December 31 (Millions of dollars) Year 2 Year 1 Year 2 Assets Liabilities and equity Current assets: Current liabilities: Cash and equivalents $1,845 Accounts payable $0 Accounts receivable 844 675 Accruals 117 Inventories 2,475 1,980 Notes payable 664 Total current assets $5,625 $4,500 Total current liabilities Net fixed assets: Long-term debt 2,344 Net plant and equipment $5,500 Total debt $3,125 Common equity: Common stock 6,094 Retained earnings Total common equity $9,375 Total assets $12,500 $10,000 Total liabilities and equity $12,500 $625 1,875 $2,500 4,875 2,625 $7,500 $10,000