Patrick Lyell Manufacturing started the year with the following balances: Account title Balance as 0 January 1, S Cash Inventory Manufacturing equipment Accounts payable Net worth 100,000 100,000 400,000 50,000 550,000 Transactions during the year were limited to the following ones: paid $100,000 for labor; purchased $150,000 worth of materials; noted equipment depreciation of $50,000, adding to inventory 300,000 units costing $1 to the manufacturer, sold 300,000 units for $2 each, cash; and purchased new equipment costing $200,000. Make an end-of-year income statement and balance sheet as of December 31. (Hints: Neglect income taxes. Accounts payable and inventory at the end of year were the same as at the beginning of the year. For instance, the balance sheet for the cash account, per $1000, is 100-100-150 + 600-200 = $250.)