Following are the transactions and adjustments that occurred during the first year of operations at Kissick Co. a. Issued 194.000 shares of $5-par-value common stock for $970,000 in cash. b. Borrowed $510,000 from Oglesby National Bank and signed a 11% note due in three years. c. Incurred and paid $420,000 in salaries for the year d. Purchased $660,000 of merchandise inventory on account during the year. e. Sold inventory costing $580,000 for a total of $910,000, all on credit 1. Pald rent of $330,000 on the sales facilities during the first 11 months of the year. g. Purchased $170.000 of store equipment, paying $54.000 in cash and agreeing to pay the difference within 90 days. h. Pald the entire $116,000 owed for store equipment and $600,000 of the amount due to suppliers for credit purchases previously recorded 1. Incurred and paid utilities expense of $37,000 during the year. 1. Collected $855,000 in cash from customers during the year for credit sales previously recorded. k. At year-end, accrued $56,100 of interest on the note due to Oglesby National Bank. 1. At year-end, accrued $30,000 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.) KISSICK CO. Income Statement $ 0 $ 0 $ 0 KISSICK CO. Balance Sheet Assets: Total current assets 0 Total assets $ 0 Liabilities: Total current liabilities 0 $ Total liabilities Stockholders' Equity: 0