Prepare common size balance sheet and income statement, using following information: Corrigan Corporation Balance Sheets as of December 31 Cash Accounts receivable Inventories Total current assets Land and building Machinery Other fixed assets Total assets Accounts and notes payable Accrued liabilities M Total current liabilities Long-term debt Common stock Retained earnings Total liabilities and equity Sales Cost of goods sold Gross operating profit General administrative and selling expenses Depreciation Miscellaneous Earnings before taxes (EBT) Taxes (40%) Net income fieter 2,008 72,000 439,000 894,000 1,405,000 238,000 132,000 61,000 1,836,000 Corrigan Corporation Income Statements for Years Ending December 31 432,000 170,000 602,000 404,290 575,000 254,710 1,836,000 2,008 4,240,000 3,680,000 560,000 236,320 159,000 134,000 30,680 12,272 18,408 2,007 65,000 328,000 813,000 1,206,000 271,000 133,000 57,000 1,667,000 409,500 162,000 571,500 258,898 575,000 261,602 1,667,000 2,007 3,635,000 2,980,000 655,000 213,550 154,500 127,000 159,950 63,980 95,970