The partially complete 2019 balance sheet and income statement for Contender Industries are given below, followed by selected ratio values for the firm based on its completod 2019 financial statements. Use the ratios along with the partial statements to complete the financial statements. Hint: Use the ratios in the order listed to calculate the missing statement values in the partial statements. $150,000 Assets Current assets Cash Marketable securities Accounts receivable Inventory Total current assets 80,000 Contender Industries, Inc. Balance Sheet At December 31, 2019 (in thousands) Liabilities and Equity Current liabilities $50,000 Accounts payable 60,000 Notes payable 200,000 Accruals Total current liabilities ? Long-term debt Total liabilities 2 Shareholders' equity 240,000 Common stock (at par) ? Retained earnings Total shareholders' equity ? Total liabilities & shareholders' equity 425,000 Fixed assets (gross) Less: Accumulated depreciation Net fixed assets 150,000 390,000 Total assets ? Contender Industries, Inc. Income Statement For the Year Ended December 31, 2019 in thousands) $6,000,000 ($500,000) ($230,000) ($230,000) (8960.000) Sales revenue Less: Cost of goods sold Gross profits Less operating expenses: Selling expense General and administrative expense Depreciation Total operating expenses Earnings before interest and taxes Less: Interest expense Earnings before taxes Less: Taxes Net income (Net profits after taxes) Less: Preferred dividends Earnings available for common stockholders Less: Dividends To retained earnings $45.000 $145.000 $45,000 ? $100.000 Contender Industries, Inc. Ratios for the Year Ended December 31, 2019 Ratio Total asset turnover Gross profit margin Inventory turnover Current ratio Net profit margin Value 3.00 30% 8 1.50 10%