Question 1 20 points It is your first day on the job at EquiPhase, and you've come across a set of seemingly random financial infomation. Your boss asks you to make sense of it all (and you are not quite sure that you need all the data). Here are the data: 2020 (p) 2019 301 Other expenses Depreciation Cost of goods sold Inventory Interest 231 590 622 1,818 5,490 1,588 5,370 269 303 4,992 2,863 427 Sales 5,190 3,159 595 Accounts receivable Short-term notes payable Long-term debt Net fixed assets 8,005 21,980 2,166 1,630 9,620 21,658 2,077 1,717 395 Accounts payable Cash Dividends 345 Tax rate 21% 21% (a) Create two Income Statements, one each for both 2019 (actual) and 2020 (projected) with the following captions: Sales Costs Other expenses Depreciation EBIT Interest EBT es Net income Dividends Addition to retained earnings (b) Create two Balance Sheets, one each for 2019 (actual) and 2020 (projected). Use the following format: Balance sheet as of Dec. 31, 20xx Accounts payable Notes payable Current liabilities Cash Accounts receivable Inventory Current assets Long-term debt Owners' equity Total liab. & equity Net fixed assets Total assets