Part of a building the business plan is to complete a financial plan. Ed's lemonade stand is a start-up business. The first year's projections have been completed. Our task is to complete the projection for the second year. Following is the information that you need to complete the statements. second year of operations, sales are projected at $48,000, utilities will increase by 20%,excluding payroll, depreciation expense is $1,000 per year, payroll expenses will increased to $5,000 to accomodate part-time employees, interest costs will increase by $500, cost of goods sold will increase to $20,000, taxes will be 40% of earnings before taxes in both of the first years, an additional $5,000 will be borrowed short-term to finance the additional inventory, Ed will withdraw $10,140 to use as his distribution from the lemonade stand