The financal statements of Texans, inc. for 20x1 follow Texans inc. Balance Sheet December 31, 2OXT Cast Accunts recenvol inet 225 Dther current asets 1750 Long-sermasens Le Accumulated depreciation 150 600 Fatal ases 1050 Expenses payable Mirtgge peyatie Common orock Retaed eatmings Tatal labties andequtin 360 s540 $200 220 420 Texans, Inc. Income Statement For the Year Ending December 31, 20KI Heveu 1.000 Epemes Net inceme 800 3200 Other information: a Revenues for 20x2 are expected to increase by 30%. b. Fixed expenses will remain constant at $300 the remaining expenses will continue to vary directly and proportionally with revenues CAccounts receivable at December 31, 202 aceexpected to be 10% of 20002 revenue. d. Texans plan a fored dong-term) asset addition on January 1, 202 with a cost of $50, All fixed dong-term) assets have a useful Me of 10 years, are depreciated on a straight line basis and have no anticipated salvage value. eExpenses payable at December 31, 20X2 ate.cxectedto total 20% of total expenses The 2012 payment on the principal (only of the mortgage is 525. I The 2002 paymant on the principal (only of the mortgages s25 E Terans plans to pay a dividend of $10 during 20x2 h. The fother current assets at December 31.202 are expected to decrease by $15 to 530 at December 31, 2002 (because of the use of a prepaid expense included in other current assets at December 31, 20x1 during 20K2) I During 20K2. common stock was sold for $300. Required: Net income for 2012 watS Total ansets at December 31, 2002 were S Total equities at December 31, 20x2 weres Totaltash receipts from customers for 20x2 were S Total cash receipts from tutamers for 202 were Totul cash payments for expenses aurnng 202 weres Total cash payments for all purposes duting 20x2 Assuming that the 20X2 payment of 525 on the mortgage included 55 of interest expense (that is $20 of principal and $5 of interest expense): total asets at December 31,20x2 were Total ceh payments for all purpotes during 2012 were S