Below is the information for XY Company. Using this information and the beginning Balance sheet, complete the income statement, balance sheet and cash account 1. The Company had sales of $975,000 of which 50% was cash and 50% was on credit 2. The Company's gross margin was 52% 3. The Company incurred rent expense of $5,000 per month which was entirely prepaid as of January 1,2022 4. Utility expenses of $9,600 were incurred and paid during the year 5. 9 months insurance (Jan 22 - Sep 22) was prepaid as of Jan 1 amounting to $3,000 per month. The renewed annual (Oct 22 Sep 23) policy cost was $3,500 per month and was renewed and paid on Oct 12022 6. Salary and wage cost is $22,000 per month. Accrued expenses relate to previous year's salary and were paid during 2022. 3 months salary cost of 2022 remain unpaid as of Dec 312022 7. Interest on the note payable is at 9% of the outstanding balance as of Dec 31,2021 . The interest was fully paid during 2022 8. Property Plant and Equipment is depreciated straight-line over 10 years (with zero residual value) 9. The Company collected $507,500 from accounts receivables and paid $565,000 towards accounts payable 10. The Company purchased merchandise worth $500,000 on credit from its vendors during the year XY Company Income Statement For the Year Ended December 31, 2022 Sales Cost of goods sold Gross Profit Operating expenses Rent Expense Utility Expense Salaries \& Wages Insurance Expense Interest Expense Depreciation Net income