The following facts are also available:\ The firm pays 10% interest on all of its debt.\ The combined state and federal income tax rate is a flat 40%.\ The only significant payables come from inventory purchases, and\ product cost is 75% purchased materials.\ Existing assets will be depreciated by $1,727,000 next year.\ The only significant accrual is payroll. The last day of 20X2 will\ be one weck after a payday.\ Forecast Owl's income statement and balance sheet for 20X2. Round all calculations to the\ nearest $1,000 and use a 360 day year.