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Consider the following simplified Statement of Comprehensive Income and Statement of Financial Position from Smith Corporation's 2018 Annual Report to Shareholders

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Consider the following simplified Statement of Comprehensive Income and Statement of Financial Position from Smith Corporation's 2018 Annual Report to Shareholders. Smith Corporation Statement of Comprehensive Income ($ millions) Net sales $8,324 Cost of goods sold $4.988 Depreciation $1,190 Earnings Before interest and $2,146 taxes Interest paid $320 Taxable income $1,826 Taxes $621 Net income $1.205 Smith Corporation Statement of Financial Position 2017 & 2018 (S millions) 2017 2018 2017 Cash $5,415 $3,341 Accounts payable 1,110 Accounts rec. $2,460 $979 Notes payable 2,500 Inventory 2,405 2.885 Total 3,610 Total 10,280 7.205 Long-term debt 4.800 Net fixed assets 12.300 16,720 Common stock 5,100 Retained earnings 9,070 Total assets 22,580 23,925 Total liabilities and 22,580 Owner's equity 2018 1,650 1,900 3,550 4,600 5.900 9,875 23.925
a) Generate the common-size income statement for 2018. (4 marks) b) For the asset side of the balance sheet create the common-size statement for 2017 and 2018. (4 marks)