. Use the following financial statements to a owing financial statements to answer the following? Assets (5) Cash Bank Account Receivable Inventories Total Current Asset 2012 250.000 (A) 500,000 Balance Sheet 31 Dec, 2018 Liabilities & Equity (5) 2017 700,000 Accounts payable 400,000 Notes payable 200,000 Accruals 400,000 1.700,000 Total Current Liabilities Long-term debe Total Liabilities 2,000,000 250,000 Common stock 1,750,000 Preferred stock Retained earnings Total equity 1.000.000 2.400.000 Gross Fixed Asset Less: Depreciation. Net Fixed Asset 200,000 800,000 ( (D Total assets 13.450,000 Total Liabilities te Equity Income Statement 31 Dec, 2018 Tems 2017 Sales 2,500,000 Cost of Goods Sold (1,200,000) Other expenses (250,000) Depreciation (170,000) Total operation costs (1,620,000) Earnings before Interest & Tax EBIT = 880,000 Interest expenses (100,000) Earnings before Tax EBT - 780,000 Tax (62.400) Net income 717,600 1. Complete the empty places in the balance sheet