1. (17 Marks) The following items are taken from the financial statements of Mitchell Company for 2021: Income Tax Expense $ 2,000 Accounts Payable $19,500 Accounts Receivable $4,000 Accumulated Depreciation - Equipment $4,800 Loan Payable in 2026 $18,000 Cash $20,000 Common Shares $25,000 Cost of Goods Sold $12,000 Equipment Interest Expense Land Retained Earnings $48,000 $3,500 $7,500 $16,700 Salaries Expense Sales Revenue Supplies $5,200 $32,500 $4,500 Prepare both an Income statement as well as a balance sheet for Mitchell Company