Below are the transactions and adjustments that occurred during the first year of operations at Kissick Co a. Issued 199,000 shares of $5 par -value common stock for $995,000 in cash. b. Borrowed $510,000 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 $650,000 of merchandise inventory on account during the year. e. Sold inventory costing $580,000 for a total of $900,000, all on credit. Paid rent of $110,000 on the sales facilities during the first 11 months of the year Purchased $180.000 of store equipment, paying $53.000 in cash and agreeing to pay the difference within 90 days. nt and $620.000 of the amount due to suppliers for credit purchases previously re i. Incurred and paid utilities expense of $37,000 during the year. Collected $845,000 in cash from customers during the year for credit sales previously recorded. At year-end, accrued $56.100 of interest on the note due to Oglesby National Bank. l. At year-end, accrued$10,000 of past-due December rent on the sales facilities. Required: a. Prepare an income statement (ignoring income taxes) for Kissick C by the transactions) KISSICK CO Income Statement Sales Cost of goods sold Gross profit Salaries expense Rent expense Utilities expense Loss from operations Net loss