McGuire Corporation began operations in 2018. The company purchases computer equipment from manufacturers and then sells to retail stores. During 2018, the bookkeeper used a check register to record all cash receipts and cash disbursements. No other journals were used. The following is a recap of the cash receipts and disbursements made during the year.

Cash receipts:

Sale of common stock $ 35,000

Collections from customers

260,000

Borrowed from local bank on April 1, note signed requiring

principal and interest at 12% to be paid on March 31, 2019

22,000

Total cash receipts $ 317,000

Cash disbursements:

Purchase of merchandise $ 165,000

Payment of salaries and wages

58,000

Purchase of office equipment

21,000

Payment of rent on building

7,500

Miscellaneous expenses

8,600

Total cash disbursements $ 260,100

You are called in to prepare financial statements at December 31, 2018. The following additional information was provided to you:

1. Customers owed the company $13,000 at year-end.
2. At year-end, $25,200 was still due to suppliers of merchandise purchased on credit.
3. At year-end, merchandise inventory costing $39,200 still remained on hand.
4. Salaries and wages owed to employees at year-end amounted to $3,300.
5. On December 1, $1,200 in rent was paid to the owner of the building used by McGuire. This represented rent for the months of December through February.
6. The office equipment, which has a 10-year life and no salvage value, was purchased on January 1, 2018. Straight-line depreciation is used.

please help to make an income statement for 2018 and a balance sheet as of December 31, 2018.