Question 5 - Based on the following financial information, construct the balance sheet and income statement for Tonka Trucking LLC for the year ending December 31, 2019.

Accounts Receivable $40,000

Depreciation Expense $50,000

Accumulated Depreciation $200,000

Cost of Goods Sold $50,000

Income Tax Expense $50,000

Cash $50,000

Sales Revenue $400,000

Equipment (Before Accumulated Depreciation) $400,000

Selling, General, and Administrative Expenses $100,000

Common Stock (1,000 shares) $100,000

Accounts Payable $50,000

Retained Earnings $200,000

Interest Expense $50,000

Inventory $10,000

Long-term Debt $50,000

Balance Sheet here...

Income Statement here...