Painter Corporation was organized by five individuals on January 1 of the current year. At the end of January of the current year, the following monthly financial data are available:

Total revenues	$	291,000
Total expenses (excluding income taxes)		198,000
Income tax expense (all unpaid as of January 31)		33,600
Cash balance, January 31		66,250
Receivables from customers (all considered collectible)		33,600
Merchandise inventory (by inventory count at cost)		95,700
Payables to suppliers for merchandise purchased from them (will be paid during February current year)		27,250
Common stock		75,300

No dividends were declared or paid during January.

Required:

Complete the following two statements:

PAINTER CORPORATION Income Statement For the Month Ended January 31, Current Year Total revenues $ 291,000 Less: Total expenses (excluding income tax) 198,000 Pretax income Less: Income tax expense 33,600 Net income PAINTER CORPORATION Balance Sheet Assets Cash Receivables from customers Merchandise inventory Total assets $ 0 Liabilities Payables to suppliers Income taxes payable Total liabilities 0 Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 0 $ 0