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! Required information [The following information applies to the questions displayed below.] Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Debit Credit Cash $ 70,000 Accounts receivable 39,000 Raw materials inventory 24,500 Work in process inventory Finished goods inventory 15,090 Prepaid rent 5,090 Accounts payable $ 11, 500 Notes payable 14, 500 Common stock 50, 090 Retained earnings (prior year) 83, 090 Sales 159, 500 Cost of goods sold 104,900 Factory overhead 24,000 General and administrative expenses 37,000 Totals $ 318,500 $ 318, 500 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: $ 4,800 direct materials to Job 402 Materials requisition 11: $ 7,300 direct materials to Job 404 Materials requisition 12: $ 2,300 indirect materials Labor time ticket 52: $ 7,000 direct labor to Job 402 Labor time ticket 53: $ 13,000 direct labor to Job 404 Labor time ticket 54: $ 5,000 indirect labor Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 100% of direct labor cost.3. Prepare a revised list of account balances as of December 3|. Hint: Use the prior Iyear's Retained Earnings balance of $83,000 in this list. Cash Accounts receivable Flaw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Factory wages payable Notes payable Common stock Retained eamings {prior year} Sales Cost of goods sold Facmw overhead __ General and administrative expenses _ _ 4. Prepare an income statement for the year and a balance sheet as of December 31. Hint: Retained earnings is $90,200 at the end of the current year. Complete this question by entering your answers in the tabs below. Income Statement Balance Sheet Prepare an income statement. BERGO BAY COMPANY Income Statement For Year Ended December 31 0 4. Prepare an income statement for the year and a balance sheet as of December 31. Hint: Retained earnings is $90,200 at the end of the current year. Complete this question by entering your answers in the tabs below. Income Statement Balance Sheet Prepare a balance sheet as of December 31. BERGO BAY COMPANY Balance Sheet As at December 31 Assets Inventories 0 Total assets Liabilities Total liabilities Equity Total equity Total liabilities and equity