Please make corrections to Income Statement & Cash Flow Statement. Corrections needed are called out in RED.

taxes are paid at a rate of 30 percent, and dividends are paid at a rate of 40 percent.

information used for statements

\\begin{tabular}{|l|r|r|} \\hline & \\multicolumn{1}{|c|}{2018} & 2019 \\\\ \\hline Cost of Goods Sold & 235,942 & 297,915 \\\\ \\hline Cash & 36,542 & 51,940 \\\\ \\hline Depreciation & 61,056 & 69,011 \\\\ \\hline Interest Expense & 13,877 & 15,905 \\\\ \\hline Selling and Admin Exp & 40,952 & 58,569 \\\\ \\hline Accounts Payable & 32,194 & 33,999 \\\\ \\hline Net Fixed Assets & 269,369 & 328,185 \\\\ \\hline Sales & 482,155 & 587,715 \\\\ \\hline Accounts Receivable & 24,120 & 24,089 \\\\ \\hline Notes Payable & 24,866 & 26,972 \\\\ \\hline Long-Term Debt & 142,148 & 161,000 \\\\ \\hline Inventory & 32,766 & 58,798 \\\\ \\hline New Equity & 0 & 16,000 \\\\ \\hline \\end{tabular} \\begin{tabular}{|l|r|r|} \\hline \\multicolumn{3}{|c|}{ Income Statement } \\\\ \\hline Sales & 2018 & 2019 \\\\ \\hline Less: Cost of Goods Sold & \\( \\$ 235,942 \\) & \\( \\$ 297,915 \\) \\\\ \\hline Gross Margin & \\( \\$ 246,213 \\) & \\( \\$ 289,800 \\) \\\\ Selling and Admin Exp & \\( \\$ 40,952 \\) & \\( \\$ 58,569 \\) \\\\ Depreciation & \\( \\$ 61,056 \\) & \\( \\$ 69,011 \\) \\\\ \\hline Operating Income & \\( \\$ 144,205 \\) & \\( \\$ 162,220 \\) \\\\ Less: Interest Income & \\( \\$ 13,877 \\) & \\( \\$ 15,905 \\) \\\\ \\hline Net Income & \\( \\$ 130,328 \\) & \\( \\$ 146,315 \\) \\\\ \\hline \\end{tabular} The IS for each year should have: taxes, net income, dividends, and addition to R/E. The \"net income\" line you have listed is \"Taxable Income\" and the accounts above come after this 3 \\begin{tabular}{|l|r|r|} \\hline \\multicolumn{3}{|c|}{ Operating Cash Flow for the two years } \\\\ \\hline Operating Income & 2018 & 2019 \\\\ \\hline Add:Depreciation & \\( \\$ 144,205 \\) & \\( \\$ 162,220 \\) \\\\ \\hline Operating Cash Flow & \\( \\$ 61,056 \\) & \\( \\$ 69,011 \\) \\\\ \\hline \\end{tabular} You would need to subtract taxes in both periods \\begin{tabular}{|l|r|r|} \\hline & \\( \\mathbf{2 0 1 8} \\) & \\( \\mathbf{2 0 1 9} \\) \\\\ \\hline Cost of Goods Sold & 235,94 & 297,915 \\\\ \\hline Cash & 36,542 & 51,940 \\\\ \\hline Depreciation & 61,056 & 69,011 \\\\ \\hline Interest Expense & 13,877 & 15,905 \\\\ \\hline Selling and Admin Exp & 40,952 & 58,569 \\\\ \\hline Accounts Payable & 32,194 & 33,999 \\\\ \\hline Net Fixed Assets & 269,369 & 328,185 \\\\ \\hline Sales & 482,155 & 587,715 \\\\ \\hline Accounts Receivable & 24,120 & 24,089 \\\\ \\hline Notes Payable & 24,866 & 26,972 \\\\ \\hline Long-Term Debt & 142,148 & 161,000 \\\\ \\hline Inventory & 32,766 & 58,798 \\\\ \\hline New Equity & 0 & 16,000 \\\\ \\hline \\end{tabular}