Mycorp ended the 2015 with property, plant and equipment valued at their original cost of $850,000, less accumulated depreciation of $280,000. Mycorp ended the year with $175,000 in cash, accounts receivable of $260,000 and inventory of $425,000. Current liabilities other than income taxes owed were $230,000 and long term debt was $390,000. Stockholders equity consisted of $130,000 common stock investment and accumulated retained earnings, which had totaled $195,000 at the end of 2014. Net sales for 2015 were $1.3 million. Expenses included $775,000 cost of goods sold, $80,000 allowance for depreciation, $125,000 selling expense and $50,000 G & A expense. Interest income and expense were $10,000 and $45,000, respectively and income taxes for the year (unpaid at year end) were $ 110,000. Dividends of $35,000 had been declared but not paid at year end. Prepare an income statement and balance sheet for year ended 12/31/2015.

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