Use the below given incomplete income statement and balance sheets for UPO Corporation in order to solve questions 14 to 18 UPO Corporation Ltd Income Statement For the Year Ended Dec 31, 2017 2018 2017 4,500,000 4,000,000 2,850,000 2,564,000 Sales Cost of Goods Sold Gross Profit Selling and G&A Expenses Fixed Expenses Depreciation Expense EBIT Interest Expense Ewnings Before Taxes Taxes Net Income 330,300 150,000 31,038 250,000 150,000 10,000 60,000 55,000 Notes: Tax Rate 40% 2018 55,000 60,000 365,030 300,000 790,000 633,992 535,000 450,000 133,992 UPO Corporation Ltd Balance Sheet As of Dec. 31, 2018 Assets Cash and Equivalents Accounts Receivable Inventory Total Curent Assets Plant & Equipment Accumulated Depreciation Net Fixed Assets Total Assets Liabilities and Owner's Equity Accounts Payable Short-tem Notes Payable Other Current Liabilities Total Current Liabilities Long-term Debt Total Liabilities Common Stock Retained Eamings Total Shareholder's Equity Total Liabilities and Owner's Equity 190,000 140,000 90,000 90,000 100.000 80.000 500,000 400,000 500,000 500.000 100,000 14. The net income for the year 4 points 2018 was: * $647,197 $582,600 O $971,000 $625,000 O None of the above