1.e Prepare a balance sheet and an income statement as of December 31, 2021, for the Sharpe Mfg. Co. from the following information. Accounts receivable $100,000 Machinery and equipment 650,000 Accumulated depreciation 230,000 Notes payable 30,000 Net sales 700,000 Accounts payable 90,000 Long-term debt 180,000 Costs of goods sold 400,000 Operating expenses 220,000 Common stock 220,000 Cash 120,000 Retained earnings prior year ? Retained earnings - current year