Use the information below to prepare an income statement and balance sheet for 2011 and 2012. Also include a 40% tax rate expense on your pre-tax income.

	2011	2012
Sales	$4,203	$4,507
Cost of goods sold	2,422	2,633
Depreciation	785	952
Interest	180	196
Dividends	225	250
Current assets	2,205	2,429
Net fixed assets	7,344	7,650
Current liabilities	1,003	1,255
long term debt	3,106	2,085

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To prepare the income statement and balance sheet for 2011 and 2012 well start with the income state... View the full answer