Barth Company reports the following year-end account balances at December 31, 2011. Prepare the 2011 income statement and the balance sheet as of December 31, 2011.

Accounts payable	$ 32,000	Inventory	$ 72,000
Accounts receivable	60,000	Land	160,000
Bonds payable, long-term	400,000	Goodwill	16,000
Buildings	302,000	Retained earnings	120,000
Cash	96,000	Sales revenue	800,000
Common stock	300,000	Supplies inventory	6,000
Cost of goods sold	360,000	Supplies expense	12,000
Equipment	140,000	Wages expense	80,000