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 $48,000 Interest Expense $3,500 Land $7,500 Retained Earnings $16,700 Salaries Expense $5,200 Sales Revenue $32,500 Supplies $4,500 Prepare both an Income statement as well as a balance sheet for Mitchell Company