Use the following information for the remaining problems. First, construct an income statement and two balance sheets. Enter all answers as whole dollar numbers with no $ or commas (e.g. 20000).

2015 Sales = $60,000

2015 COGS = $25,000

2015 SG&A Expense = $10,000

2015 Depreciation Expense = $5,000

2015 Interest Expense = $3,000

Average Tax Rate = 30%

Dividend Payout Ratio = 55%

2015 Current Assets = $24,000 and 2016 Current Assets = $27,000

2015 Net Working Capital = $5,000

Change in Net Working Capital = $1,000

2015 Total Fixed Assets = $100,000

2015 Accumulated Depreciation = $20,000

2015 Net Capital Spending = $12,000

2015 Long-term Debt = $40,000

2015 Common Stock = $22,000

2015 Cash Flow to Creditors = $1,000

Find the:

2015 Net Income:

2015 Accumulated Retained Earnings:

2016 Accumulated Retained Earnings:

2015 Cash Flow to Shareholders:

2015 Cash Flow to Shareholders:

2015 Free Cash Flow:

Please explain fully!