Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Notes payable Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent. Accounts payable Common stock Retained earnings (prior year) Sales Cost of goods sold Debit $ 74,000 43,000 Credit 26,500 0 12,000 4,000 $ 10,400 13,400 40,000 88,000 173,700 Factory overhead General and administrative expenses 104,000 27,000 35,000 Totals $ 325,500 $ 325,500 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materials requisition 11: Materials requisition 12: Labor time ticket 52:1 Labor time ticket $31 Labor time ticket 54: $ 4,200 direct materials to Job 402 $ 7,800 direct materials to Job 404 $ 2,300 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 jobs in process at year-end. The predetermined overhead rate is 150% of direct labor cost. 4. Prepare an income statement for the year and a balance sheet as of December 31. Hint: Retained earnings is $118,400 at the end of 4. Prepare an income statement for the year and a balance sheet as of December 31. Hint: Retained earnings is $118,400 at the end of the current year. Complete this question by entering your answers in the tabs below. Income Statement Balance Sheet Prepare an income statement. BERGO BAY COMPANY Income Statement For Year Ended December 31 0 Required information BERGO BAY COMPANY Balance Sheet As at December 31. Assets Inventories Total assets Liabilities Total liabilities Total equity Total liabilities and equity Equity