Cooley Company reports the following accounts and balances at December 31, 2016:

Accounts Payable$22,800

Accounts Receivable18,800

Cash24,400

Land82,400

Machine129,200

Merchandise Inventory63,600

Long-term Note Payable79,200

Short-term Note Payable14,400

Paid-in Capital200,000

Retained Earnings?

Sales Revenue122,000

Cost of Goods Sold80,000

Operating Expenses40,000

Required:

What is the balance sheet at December 31, 2016? Also, what is the income statement for the year ended December 31, 2016? Ignore depreciation expense and interest expense.