Question #1 (30 marks) The following data are available in your financial analysis task: Current ratio A/R turnover ratio A/R, Beginning 2 16 $50,000 ROE (= NI/TE) Sales for the year (all on credit) Days' sales in inventory 20% $1,000,000 36 days Gross profit on sales Expenses (excluding CGS) TL/TE Noncurrent assets Required: 50% $450,000 1 $300,000 Construct the December 31, Year 2 balance sheet for your analysis. All data are as of December 31, Year 2, unless otherwise indicated. That is, complete the balance sheet below. Assume 360 days in a year. Show your work. Assets Current assets Balance Sheet (December 31, Year 2) Cash A/R Inventory Noncurrent assets Total assets Liabilities and Equity Current liabilities Noncurrent liabilities Equity Total liabilities and equity ? ???? $300,000