Hillside had the following account balances as of December 31, 2020. It was their first year in operation. Hillside needs an audited balance sheet and income statement. Additional information: 1. It is estimated that $16,000 of accounts will not be collectible. A provision for uncollectible accounts has never been made by Hillside. 2. Supplies remaining at the end of the year were $37,000. 3. Equipment is depreciated over 20 years with a $60,000 salvage value. 4. Accrued salaries at 12/31/Y1 were $37,500. 5. Rent was paid on August 1, 2020, for 24 months and recorded in a prepaid rent account. Prepare an audited balance sheet and income statement.