Henry Josstick has just started his first accounting course and has prepared the following balance sheet and income statement for Omega Corp. Unfortunately, although the data for the individual items are correct, he is very confused as to whether an item should go in the balance sheet or income statement and whether it is an asset or liability. BALANCE SHEETPayables $ 36 Inventories $ 51 Less accumulated depreciation 121 Receivables 40 Total current assets Total current liabilities Long-term debt $ 355 Interest expense $ 26 Property, plant, and equipment 525 Total liabilities Net fixed assets Shareholders’ equity $ 94 Total assets Total liabilities and shareholders’ equity INCOME STATEMENTNet sales $ 710 Cost of goods sold 585 Selling, general, and administrative expenses 39 EBIT Debt due for repayment $ 26 Cash 16 Taxable income Taxes $ 16 Depreciation 13 Net income Prepare the balance sheet and income statement by rearranging the above items. (Be sure to list the assets and liabilities in order of their liquidity. Enter all amounts as positive values.)BALANCE SHEET Assets Liabilities and Shareholders' Equity Total current assets Total current liabilities Total liabilities Net fixed assets Total assets 0 Total liabilities and shareholders'equity 0 INCOME STATEMENT