PROBLEMS 1. Using the data presented below: Big Rock Candy Mountain Mining Co. Income Statements For the Years 2019 and 2020 2020 2019 Sales $412,500 $398,600 Cost of Goods 318.786 315,300 Gross Profit 93,714 83,300 Depreciation 29,800 29.652 Selling & Admin. Expense 26,250 24,550 Other Operating Expense 1.210 1.245 Net Operating Income 36,454 27,853 Interest Expense 8.582 8.457 Earnings Before Taxes 27,872 19,396 Taxes 6.968 4,849 Net Income 20.904 14.547 Notes: Tax Rate 25.00% 25.00% Shares 52,100 52,100 Earnings per Share $0.40 $0.28 Big Rock Candy Mountain Mining Co. Balance Sheet For the Year Ended December 31, 2020 2020 2019 Assets Cash $16.435 $11.596 Marketable Securities 3.656 619 Accounts Receivable 45.896 47,404 Inventory 52.397 54.599 Total Current Assets 118,384 114,218 Gross Fixed Assets 436,573 397.023 Accumulated Depreciation 87.450 57,650 Net Plant & Equipment 149.123 839.373 Total Assets 167.507 453,591 Liabilities & Owner's Equity Accounts Payable $37.752 $36.819 Accrued Expenses 3,183 3.085 Total Current Liabilities 40.935 39.904 Long-term Debt 170.562 178,581 Total Liabilities 211,497 218,485 Common Stock ($1.00 par) 58.664 58,664 Additional Paid-in-Capital 136,807 136,807 Retained Earnings 60.539 39.635 Total Owner's Equity 256,010 235, 106 Total Liab. & Owner's Equity 467,507 453,591Recreate the income statement and balance sheet using formulas wherever possible. Each statement should be on a separate worksheet. Tr}.t to duplicate te formatting exactly. On another worksheet. create a statement of cash flows for EUED. Do not enter any; numbers directly on this worksheet. All formulas should be linked directis' to the source on previous worksheets. Using Excells outlining feature. create an outline on the statement of cash ows that, when collapsed. shows only the subtotals for each section. Suppose that sales were HEEDUU in 2023 rather than 5412.533. What is the EDEU net income and retained earnings?I Undo the changes from part d. and change the tax rate to seat. 1ifii'hat is the 2132B net income and retained earnings?I Using the data from the previous problem: :1. Create a commonsize income statement for 2D19 and 332D. This statement should be created on a separate worksheet with all formulas linked directly to the income statement. Create a commonsize balance sheet for 31319 and 31320. This statement should be created on a separate worksheet with all formulas linked directly to the balance sheet. Create a commonsize statement of cash ows for 2031] that can he switched between using sales and the ants cash balance in the denominator