Below are the transactions and adjustments that occurred during the first year of operations at Kissick Co a. Issued 192,000 shares of $6-par-value common stock for $1,152,000 in cash. b. Borrowed $540,000 from Oglesby National Bank and signed a 10% note due in three years. c. Incurred and paid $380,000 In salaries for the year. d. Purchased $710,000 of merchandise inventory on account during the year. e. Sold inventory costing $580,000 for a total of $910,000, all on credit. f. Paid rent of $110,000 on the sales facilities during the first 11 months of the year. g. Purchased $170,000 of store equipment, paying $52,000 in cash and agreeing to pay the difference within 90 days. h. Paid the entire $118,000 owed for store equipment and $620,000 of the amount due to suppliers for credit purchases previously recorded. i. Incurred and paid utilities expense of $36,000 during the year. J. Collected $855,000 in cash from customers during the year for credit sales previously recorded. k. At year-end, accrued $54,000 of interest or the note due to Oglesby National Bank. l. At year-end, accrued $10,000 of past-due December rent on the sales facilities. a. Prepare an income statement (ignoring income taxes) for Kissick Co.'s first year of operations and a balance sheet as of the end of the year. (Amounts to be deducted and net loss should be indicated with minus sign.)