Question: Can you please address the following question? Based on the following financial information, construct the balance sheet and income statement for Tonka Trucking LLC for

Can you please address the following question?

Based on the following financial information, construct the balance sheet and income statement for Tonka Trucking LLC for the year ending December 31, 2019.

Here's the provided variables:

Accounts Receivable: $40,000

Depreciation Expense: $50,000

Accumulated Depreciation: $200,000

Cost of Goods Sold: $50,000

Income Tax Expense: $50,000

Cash: $50,000

Sales Revenue: $400,000

Equipment (Net of Accumulation): $200,000

Selling, General, and Administrative Expenses (SG&A): $100,000

Common Stock (1,000 shares): $100,000 ($100 par)

Accounts Payable: $50,000

Retained Earnings: $200,000

Interest Expense: $50,000

Inventory: $10,000

Long-term Debt: $50,000

I hoping to get a verification of my work.

Thanks!

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