I am unsure how to create the income statement and how to complete the balance sheet. What all information do I need to include? I know the income statement check figure is $159,900. The answer I keep getting is $227,119.

Here is the information for the part of the problem I am having difficulties with:

The company sold its holdings of XYZ Corporation (carried as Marketable Securities on the balance sheet) on July 10 for $5,000.The corporation purchased this investment several years ago for $9,000.

(The proceeds from this sale are listed as a cash receipt below.The company has no prior-year capital gains or losses.)

The current income statement for the company reflected book net income of $ 159,900 AFTER book depreciation has been taken on the equipment, and the loss on the sale of XYZ Mutual Fund, and $44,000 of recorded federal income tax expense.The following information was taken from the corporation's financial statements for the current year.

Cash Receipts:

Fees collected$755,000

Taxable qualified dividend income3,600

Taxable business interest income2,400

Tax Exempt interest2,600

Proceeds from sale of XYZ Corp. common stock$5,000

Total Receipts$768,600

Cash Disbursements:

Compensation to Rick Smith$120,000

Dividend payments to shareholders ($35K each)140,000

Customer Refunds3.000

Office Rent26,000

Utilities6,700

Administrative employee salaries310,000

Federal income tax payments ($11,000/Qtr.) 44,000

Business & Professional Licenses2,000

Cash Contribution to United Way 1,000

Business Meals (100%)3,600

Business Travel7,000

Office supplies & expense12,000

Accounting (Professional) fees8,000

Advertising7,000

Taxes (Payroll, State, Local)28,600

Business interest (on equipment loan)4,481

Principal payments on equipment loan15,000

General Liability Insurance Expense3,200

Equipment rental5,000

Total Disbursements746,581

Journal entries have been made to record regular (book) depreciation in the amount of $8,119.MACRS tax depreciation was not recorded in the book records.

Principal payments against the equipment loan amounted to $15,000 for the year.

The balance sheets (book basis) for the company were as follows for the current year:

AccountJanuary 1, 2018December 31, 2018

Cash$86,576$?

Tax-exempt securities (at cost)52,00052,000

Marketable Securities (at cost)120,000?<-- I believe this to be $111,000

Office furniture & equipment65,00065,000

Accumulated depreciation( 36,576)________?

Total assets$287,000$?

Nonrecourse equipment loan$47,000$?

Common Stock $48,000$?

Retained Earnings$ 192,000$_______?

Total liabilities and capital$ 287,000$ ?