Bergamo Bay's computer system generated the following trial balance on December 31, 2019. The company's manager knows something is wrong with the trial balance because it does not show any balance for Work in Process Inventory but does show a balance for the Factory Overhead account. In addition, the accrued factory payroll (Factory Wages Payable) has not been recorded. Credit Debit $ 77,000 46,000 28,000 9,000 3,000 Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings Sales Cost of goods sold Factory overhead Operating expenses Totals $ 10,600 13,600 30,000 80,000 215,800 115,000 26,000 46,000 $350,000 $350,000 After examining various files, the manager identifies the following six source documents that need to be processed to bring the accounting records up to date. Materials requisition 21-3010: Materials requisition 21-3011: Materials requisition 21-3012: Labor time ticket 6052: Labor time ticket 6053: Labor time ticket 6054: $ 4,600 direct materials to Job 402 $ 7,100 direct materials to Job 404 $ 1,500 indirect materials $ 6,000 direct labor to Job 402 $14,000 direct labor to Job 404 $ 5,000 indirect labor Jobs 402 and 404 are the only units in process at year-end. The predetermined overhead rate is 150% of direct labor cost. 4. Prepare an income statement for 2019 and a balance sheet as of December 31, 2019. Complete this question by entering your answers in the tabs below. Income Statement Balance Sheet Prepare an income statement for 2019. BERGAMO BAY COMPANY Income Statement For Year Ended December 31, 2019 0 $ 0 Income Statement Balance Sheet Prepare a balance sheet as of December 31, 2019. BERGAMO BAY COMPANY Balance Sheet December 31, 2019 Assets Inventories 0 Total assets $ 0 Liabilities and equity Total liabilities 0 0 Total stockholders' equity Total liabilities and equity $ 0 Required 2A Required 2B Post any entries from part 1 related to factory overhead to the T-account below to determine the amount of under-or overapplied overhead for the year. Determine whether there is any under- or overapplied overhead for the year. Revised Factory Overhead account Ending balance from trial balance 0 Required 2A Required 2B Prepare the adjusting entry to allocate any over- or underapplied overhead to cost of Goods Sold, assuming the amount is not material. View transaction list Journal entry worksheet Record the entry to allocate any overapplied or underapplied overhead. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Journal entry worksheet 1 2 2 3 3 4 5 > Record direct materials costs for Jobs 402 and 404. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal Journal entry worksheet Record the entry to allocate overhead to Jobs 402 and 404. Note: Enter debits before credits. Transaction General Journal Debit Credit C. Record entry Clear entry View general journal Journal entry worksheet Record entry to assign cost of indirect materials. Note: Enter debits before credits. General Journal Debit Credit Transaction d. Record entry Clear entry View general journal Journal entry worksheet