[Financial Statements and Ratios] Bike-With-Us Corporation, a specialty bicycle parts replacement ven ture, was started last year by two former professional cyclists who had substantial competitive racing experience, including the Tour de France. The two entrepreneurs borrowed $50,000 from members of their families, and each put up $30,000 in equity capital. Retail space was rented, and $60,000 was spent for fixtures and store equipment. Following is the abbreviated income statement and balance sheet infor- mation for the Bike-With-Us Corporation after one year of operation BIKE-WITH-US CORPORATION 325,000 Operating costs 10,000 5,000 6,000 $1,000 30,000 50,000 50,000 1,000 10,000 50,000 Fixed assets, net Long-term loan Sockholders' equity A. Prepare an income statement and a balance sheet for the Bike-With-Us Corporation using only the information provided above