Use the following information for question 1. At the end of 2018, the Lake Company has $40,000 in accumulated depreciation and $100,000 in retained earnings. Sales 2019 $250,000 2020 $300,000 Notes Payable 20,000 50,000 Tax Rate 40% 40% Gross Fixed Assets $500,000 $590,000 Total Current Liabilities 100,000 110,000 Interest Expense 30,000 35,000 Cash 20,000 30,000 Accounts Payable 30,000 20,000 COGS 30% of Sales 30% of Sales Total Current Assets 100,000 150,000 Total Debt 200,000 240,000 Net Income 42,000 48,000 Accounts Receivable 30,000 20,000 Addition to Retained 20,000 26,000 Earnings 1. Complete the Balance Sheet and Income Statement for 2019 and 2020