Use the following information and the percent-of-sales method to answer the following question(s). Below is the 2017 year-end balance sheet for Smith, Inc. Sales for 2017 were $1,600,000 and are expected to be $2,000,000 during 2018. In addition, we know that Smith plans to pay $90,000 in 2018 dividends and expects projected net income of 4% of sales. (For consistency with the Answer selections provided, round your forecast percentages to two decimals.) Smuth, Inc. Balance Sheet December 31, 2017 Assets: Current assets $890,000 Net fixed assets 1,000,000 Total $1.890.000 Liabilities and Owners' Equity: Accounts payable $160,000 Acerued expenses 100,000 Notes payable 700,000 Long-term debt 300,000 Total liabilities 1,260,000 Common stock (plus paid-in capital 360,000 Retained earnings 270,000 Common equit 630,000 1.590.000 Total Calculate the following and show all working: 1. Smith's projected current assets for 2018. 2. Smith's projected fixed assets for 2018 51Page Smith's projected accounts payable balance for 2018 3. Smith's projected accrued expenses for 2018