Problem 2-10 (Static) Accrual accounting; financial statements [LO2-5, 2-7, 2-9] McGulre Corporation began operations in 2024. The company purchases computer equipment from manufacturers and then sells to retall stores. During 2024, the bookkeeper used a check register to record all cash recelpts and cash disbursements. No other Journals were used. The following Is a recap of the cash recelpts and disbursements made during the year. You are called in to prepare financlal statements on December 31, 2024. The following additional Information was provided to you: 1. Customers owed the company $22,000 at year-end. 2. At year-end, $30,000 was stlll due to suppliers of Inventory purchased on credit. 3. At year-end, Inventory costing $50,000 still remained on hand. 4. Salarles owed to employees at year-end amounted to $5,000. 5. On December 1,$3,000 In rent was pald to the owner of the bullding used by McGulre. This represented rent for the months of December through February. 6. The office equipment, which has a ten-year life and no salvage value, was purchased on January 1, 2024. Stralght-IIne depreclation Is used. Requlred: Prepare an Income statement for 2024 and a balance sheet as of December 31, 2024. Complete this question by entering your answers in the tabs below. Prepare an income statement for 2024