Use the statements below to answer the questions that follow: Income Statement for the Year Ended, December 31, 2017 Sales Expenses 150,000 Cost of Goods Sold 80,000 30,000 EBIT aka Operating Profit 40,000 8,000 13,000 131,000 19,000 Operating Expenses Interest Income Tax Total Expenses Net Operating Income Other Income Gain on Sale of Equipment 10,000 Net income 29,000 Balance Sheet 1-Dec-17 31-Dec-1 Current Assets 78.00 Cash Accounts Receivable Finished Goods Materials Invent 60,00 25,00 50, Total Current Asset Plant and Equipment Plant and Equipment Allowance for 100,00 95,00 20,00 18,00 Total Plant and E Total Assets Current Accounts Payable Notes Payable Taxes Payable 0,0 20,00 8,00 178,00 Total Current 113,0 ong-lem Bonds Payable otal Liabilities holders 258,000203,0 Common Stock 100,00 120,00 Retained Eamin 44,00 Total Equity Total I and 70,000367.0