Hytek corp ended 2008 with cash of $50,000, accounts receivable of $100,000 and inventory of $300,000. Property,plant, and equipment were valued at their original cost of $470,000, less accumulated depreciation of $170,000. Current liabililties other than income taxesowed[see details that follow] were $120,000, and long-term debt was $250,000. Stockholders' equity consisted of : $90,000 capital stock, investment and accumulated retained earnings, which had totaled $130,000 at the end of 2007. Net sales for 2008 $900,000. Expenses included $500,000 as cost of good sold, $50,000 as allowance for depreciation, $85,000 as selling expenses, and $65,000 as G&A expense. Interest income and expense were $5000 and $25,000, respectively, and income taxes for the year[unpaid at year's end] were $80,000. Dividends of $20,000 were paid. Prepare a balance sheet and an income statement reflecting these figures