Please prepare an income statement (ignoring income tax) for Kissick's Co.'s first year of operations and a balance sheet as of the end of the year. Also as seen at the bottom provide an balance sheet with assets, liabilities and stockholders equity. Added a clearer picture at bottom.

a Issued 196,000 shares of $5-par-value common slock for $080,000 in cash. Borrowed 5530,000 tom Oglesby 5atonal Bank and signed a 12% noto due in three years s Incurred and paid $400,000 in salaries for the year d Purchased $720,000 of merchandise e Sold Inventory costing $580,000 for a total of $910,000, all on credt t Paid sent of on aocount during the year sales facilites the frst 11 months of the year Purchased $190,000 of store equipment, paying $52,000 in cash and agreeing to pay the diference within 90 days h. Paid the entire $138,000 owed for store equioment and $600,000 of the amount due to suppliers for credit punchases previously recorded Incurred and paid uities expense of $37,000 during the year Collected 5835,000 in cash trom oustomers duiring the year for credit sales previously necorded yearend, accrued $63,600 of interest on the note due to Oglesby National Bank L Ad year-end, accrued $10,000 of past-due December rent on the sales facites aPrepare an income statemene Dgnoring income taxes) for Kissick Co's finst year of operations and a balance sheet as of the end of the year. (Hint: You may find & hepful to prepare T-accounts for each account afected by the transactions) Amounts to be deducted net loss should be iracated w mous sign. MacBook Air