2. Prepare an income statement and balance sheet as of December 31, 2021, for the ACME Mfg. Co Cash Building Inventory Account receivable Machinery & equipment Accumulated depreciation Prepaid expenses Operating expenses Interest expense Cost of goods sold Sales Common stock Notes payable Long-term Notes Account payable Retained earnings-prior year Retained earnings current year $10,220 185,200 14,850 36,620 66,750 17,800 8,000 53,400 2,400 31,200 110,420 200,000 20,500 40,000 19,920 0 Note: The Company paid out $0 in dividends for this period

2. Prepare an income statement and balance sheet as of December 31, 2021, for the ACME Mfg. Co Note: The Company paid out 50 in dividends for this period