Using the Financial Statements below, prepare common size income statements and balance sheets for 2016 & 2017.

INCOME STATEMENT 2016 2017 Sales 15,000,000 20,000,000 COGS 6,000,000 11,000,000 S&A Expenses 3,000,000 3,500,000 Depreciation 2,000,000 2,500,000 EBIT (Operating Income) 4,000,000 3,000,000 Taxes (30%) 900,000 450,000 Net Income 2,100,000 1,050,000 Number of Shares EPS Dividends per Share Stock Price 2,000,000 2,000,000 $1.05 $0.525 $0.50 $0.50 $25.00 $17.50 BALANCE SHEET Cash AR Inv. 2017 3.,050,000 4,000,000 4,000,000 11,050,000 11,000,000 Cur. Assets Net Prop, Plant & Equip Total Assets A/P Accruals Notes Payable 2016 3,000,000 2,000,000 2,000,000 7,000,000 10,000,000 17,000,000 2,500,000 1,500,000 500,000 4,500,000 5,500,000 10,000,000 1,000,000 6,000,000 7,000,000 17,000,000 22,050,000 3,500,000 2,000,000 1,500,000 7,000,000 Cur. Liabilities Long-Term Debt Total Liabilities Common Stock Retained Earnings Owners Equity Tot. Liab. & C.E. 8,000,000 15,000,000 1,000,000 6,050,000 7,050,000 22,050,000