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Transcription of this question: Sotatsu Electronics (SE)Sotatsu Electronics (SE) manufactures electronic products and is famous for its innovativetelevisions. In late 2015, SE introduced a new high-definition television with twice the quality ofthe best-selling television of its chief competitor. Determining that it would be two years before itscompetitors could have a similar product, SE adopted a price skimming strategy.Table 1: Select financial information for SE for 2015 and 2016.Figures in $000 000.CashCost of goods soldCreditorsExpensesFixed assetsGross profitNet profit before interest and taxSales revenueTotal current assetsTotal current liabilities2015300210018012001075x10004300650275201625023002301300127528005100700300(a)(c)Define the term price skimming.(i) Calculate the values of X and Y in Table 1 (no working required).(ii) Construct a profit and loss account for SE for 2015 and 2016.Calculate net current assets (working capital) for 2016 (show all your working).