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Chapter 2 Financial Statement Exercise 1. Construct a balance sheet for Lucas Furniture given the following data (assume that the items listed below are the only entries on Lucas Furniture's balance sheet). What is total shareholders' equity? Cash =$100,000 Long-term debt =$1,700,000 Net property =$1,000,000 Accounts receivable =$220,000 Inventory =$2,000,000 Accounts payable =$170,000 Total shareholders' equity = ? 2. Using the following accounts from Sydney Cotton, Incorporated (a retail clothing store) income statement for the year ending December 31, 2020. What is the net income? All figures in thousands of dollars