Precision Corporation was organized on January 1, 2018. At the end of 2018 , the company had not yet employed an accountant; however, an employee who was "good with numbers" prepared the following statements at that date: * Accumulated depreclation represents the used portion of the asset and should be subtracted from the asset's balance. Required: 2-a. Prepare a proper Income statement (correct net income is $32,250 and Income tax expense is $10,750 ). 2-b. Balance sheet (correct total assets are $140,000 ). Prepare a proper income statement (correct net income is $32,250 and income tax expense is $10,750 ). Balance sheet (correct total assets are $140.000 ). (Amounts to be deducted should be indicated by a minus sign.)