Prepare Income Statement and Balance Sheet from the following

Accounts payable		249,750
Accounts receivable	777,000
Accumulated depreciation		416,250
Advertising expense	55,500
Allowance for doubtful accounts		57,665
Bad debt expense	41,070
Capital gains		12,210
Capital stock (common)		999,000
Cash	376,623
Charitable contributions	29,970
Compensation expense	1,443,000
Cost of goods sold	921,300
Depreciation expense	22,200
Dividends (paid)	88,800
Dividends (received)		13,320
Entertainment expense	6,771
Equipment	832,500
Federal income tax expense	278,388
Gain from disposition of fixed assets		4,496
Interest expense	68,820
Interest income		16,650
Inventory	1,914,750
Investments in state & local bonds	155,400
Investments in stock	305,250
Investment in U.S. government bonds	77,700
Land	3,052,500
Maintenance expense	22,200
Meals expense	9,047
Miscellaneous expense	45,510
Mortgage payable		1,703,961
Other assets	299,700
Other current liabilities		146,520
Other liabilities		205,350
Other taxes expense	62,160
Pension plans expense	46,620
Professional services expense	35,520
Property tax expense	44,400
Retained earnings (1/1/2019)		3,518,700
Sales		3,796,700
Sales returns & allowance	46,620
State income tax expense	72,150
Supplies expense	9,102
	$11,140,571	$11,140,571