Use the following information to create the financial statements in questions 1-3. Unless otherwise specified, the data given are for the fiscal year 2019 as of Dec. 31. Credit will not be given unless complete financial statements are submitted. Sales Revenue: $8,000 Tax Rate: 25% Interest Expense: $70 SGA Expenses: $1,300 Other Revenue: $2,000 R&D Expense: $500 Cash on Dec. 31, 2018: $900 Accounts Receivable Dec. 31, 2018: $300 Accounts Payable Dec. 31, 2018: $750 Inventory Dec. 31, 2018: $200 Cost of Goods Sold: Accounts Receivable Dec. 31, 2019: $150 Accounts Payable Dec. 31, 2019: $175 Inventory Dec. 31, 2019: $800 Total Expenses: $5,200 Accrued Liabilities: $550 Long-Term Debt: $700 Long-Term Debt Currently Due: $50 Common Stock: $5,300 Property Plant and Equipment: $1,750 Patents: $475 - Retained Earnings: - 1. Create an income statement for the year ended Dec. 31, 2019. To complete the income statement you will need to calculate total revenue, cost of goods sold, pre- tax income, income tax expense, and net income. 2. Create a statement of cash flows for the year ended Dec. 31, 2019. Remember that changes in certain balance sheet items over the year will affect the cash flow statement. 3. Create a balance sheet for Dec. 31, 2019. You will need to use the accounting equation to calculate retained earnings