Below are the transactions and adjustments that occurred during the first year of operations at Kissick Co a. Issued 200,000 shares of $5-par-value common stock for $1,000,000 in cash. b. Borrowed $530,000 from Oglesby National Bank and signed a 11% note due in three years. c. Incurred and paid $400,000 in salaries for the year d. Purchased $690,000 of merchandise inventory on account during the year e. Sold inventory costing $580,000 for a total of $900,000, all on credit. f. Paid rent of $330,000 on the sales facilities during the first 11 months of the year. g. Purchased $160,000 of store equipment, paying S53,000 in cash and agreeing to pay the difference within 90 days. h. Paid the entire $107,000 owed for store equipment and S590,000 of the amount due to suppliers for credit purchases previously recorded i. Incurred and paid utilities expense of $37,000 during the year. j. Collected $855,000 in cash from customers during the year for credit sales previously recorded. k. At year-end, accrued $58,300 of interest on the note due to Oglesby National Bank. I. At year-end, accrued $30,000 of past-due December rent on the sales facilities. Required 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. (Hint: You may find it helpful to prepare T-accounts for each account affected by the transactions.) KISSICK CO Income Statement $900,000 (580,000) $320,000 ales Cost of goods sold profit alaries expense expense tilities expense 400,000) (360,000) (37,000) $ (477,000) (58,300) from operations nterest expense loss $(535,300)