Check my w Following are the transactions and adjustments that occurred during the first year of operations at Kissick Co. a. Issued 193,000 shares of $4-par-value common stock for $772,000 in cash. b. Borrowed $520,000 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 $670,000 of merchandise inventory on account during the year. e. Sold inventory costing $580,000 for a total of $900,000, all on credit. 1. Paid rent of $220,000 on the sales facilities during the first 11 months of the year. g. Purchased $160,000 of store equipment, paying $53,000 in cash and agreeing to pay the difference within 90 days. h. Paid the entire $107,000 owed for store equipment and $610,000 of the amount due to suppliers for credit purchases previously recorded. 1. Incurred and paid utilities expense of $37,000 during the year. J. Collected $835,000 in cash from customers during the year for credit sales previously recorded. k. At year-end, accrued $57,200 of interest on the note due to Oglesby National Bank 1. At year-end, accrued $20,000 of past-due December rent on the sales facilities, Required: a. Prepare an income statement ignoring income taxes) for Kissick Co.'s first year of operations and a balance sheet as of the end of the year. (Hint You may find it helpful to prepare a T-account for the Cash account since it is affected by most of the transactions.) Complete this question by entering your answers in the tabs below. Required A1 Required A2 Prepare a balance sheet as of the end of the year. (Hint: You may find it helpful to prepare a T-account for the Cash account Total current assets Total assets $ 0 Liabilities: Total current liabilities Total liabilities Stockholders' Equity: Total Stockholders' equity Total liabilities and stockholders' equity