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. Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals Debit $ 78,000 47,000 28,500 0 9,000 3,000 106,000 26,000 53,000 $ 350,500 Credit $ 10,300 13,300 30,000 94,000 202,900 $ 350,500 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: Labor time ticket 53: Labor time ticket 54: $4,500 direct materials to Job 402 $ 7,800 direct materials to Job 404 $ 2,300 indirect materials $ 4,000 direct labor to Job 402 $ 16,000 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. 3. Prepare a revised list of account balances as of December 31. Hint: Use the prior year's Retained Earnings balance of $94,000 in 3. Prepare a revised list of account balances as of December 31. Hint: Use the prior year's Retained Earnings balance of $94,000 in this list. Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Factory wages payable Notes payable BERGO BAY COMPANY List of Account Balances December 31 Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals Debit Credit 4. Prepare an income statement for the year and a balance sheet as of December 31. Hint: Retained earnings is $134,600 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 Required information Complete this question by entering your answers in the tabs below. Income Statement Prepare a balance sheet as of December 31. Total assets Balance Sheet Total liabilities Total equity Total liabilities and equity BERGO BAY COMPANY Balance Sheet As at December 31 Assets Inventories Liabilities Equity