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7. (10 pts) Given the information for E-WAVE Inc. : a. Prepare an income statement for year 2017 and 2018. (3 points) b. Prepare a balance sheet for year 2017 and 2018. (3 points) c. Prepare a statement of cash flow for E-WAVE Inc. for the year 2018. (4 points) E-WAVE Inc. 2017 2018 Operating expenses 30 40 Sales 1,200 1,450 Cash 200 150 Cost of goods sold 700 850 Accounts receivable 450 425 Gross fixed assets 2,200 2.600 Long-term debt 600 600 Retained earnings 700 800 Depreciation expense 220 200 Accounts payable 200 150 Interest expense 50 64 Inventory 550 625 Accumulated depreciation 1,000 1,200 Income taxes 30 118 Common stock (par & paid 900 900 in capital) Short-term notes pavable 0 150 / total 42 points