1. Company x had a beginning inventory of at December 31, 2019 valued at $ 811,000 purchased with a 6 month note at 6% due May 2020. The company had a number of purchases during the NEW year equal to $352,000. The ending inventory count indicated 60 units valued at $493,100. Assume Sales for the year was $1,105,000 and the tax rate was 23%. Assume General Administration expenses for the year were $ 61,000. The company had an extraordinary gain of 49,000. The company paid cash for a warehouse $30,000 (10 yr) 10% salvage and two taxis for a total of $34,000 (0 sal) Both used str-line for book income and sum of the years digits for tax able income Prepare an Income Statement and Balance Sheet in good form for the X Company.2020 Assume that there are 350,000 COMMON shares outstanding at year-end, 85,000 shares were issued April 15, valued at $12/shs and 100,000 were issued on September 30 valued at $14/shs. The beginning balance was valuet$10 per share. There were 5,000 preferred shareholders who contributed $2,000,000 to earn 8% per year. The preferred stock is non cumulative and non participating