I need help with this question:

Below are the transactions and adjustments that occurred during the first year of operations at Kissick Co

1. Issued 100,000shares of $5-par-value common stock for $500,000 in cash.
2. Borrowed $250,000 from Oglesby National Bank and signed a 12% note due in three years.
3. Incurred and paid $190,000 in salaries for the year.
4. Purchased $320,000 of merchandise inventory on account during the year.
5. Sold inventory costing $290,000 for a total of $455,000, all on credit.
6. Paid rent of $55,000 on the sales facilities during the first 11 months of the year.
7. Purchased $75,000 of equipment, paying $25,000 in cash and agreeing to pay the difference within 90 days.
8. Paid the entire $50,000owed for equipment and $310,000 of the amount due to suppliers for credit purchases previously recorded.
9. Incurred and paid utilities expense of $18,000 during the year.
10. Collected $412,000 in cash from customers during the year for credit sales previously recorded.
11. At year-end, accrued $30,000 of interest on the due to
12. At year-end, accrued $5,000 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 T-accounts for each account affected by the transactions.)

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