Problem $4-24($Static$)$ Prepare an income statement and balance sheet from transaction data LO $4-1$ Following are the transactions and adjustments that occurred during the first year of operations at Kissick Company. a$.$ Issued $800,000$ shares of $$5-$par$-$value common stock for $$400,000$ in cash. b$.$ Borrowed $$200,000$ from Oglesby National Bank and signed a $8\%$ note due in three years. c$.$ Incurred and paid $$160,000$ in salaries for the year. d$.$ Purchased $$301,000$ of merchandise inventory on account during the year. e$.$ Sold inventory costing $$205,000$ for a total of $$250,000,$ all on credit. f$.$ Paid rent of $$44,000$ on the sales facilities during the first $11$ months of the year. g$.$ Purchased $$60,000$ of store equipment, paying $$18,000$ in cash and agreeing to pay the difference within $90$ days. h$.$ Paid the entire $$42,000$ owed for store equipment and $$227,000$ of the amount due to suppliers for credit purchases previously recorded. i$.$ Incurred and paid utilities expense of $$15,000$ during the year. j$.$ Collected $$221,000$ in cash from customers during the year for credit sales previously recorded. k$.$ At year$-$end, accrued $$16,000$ of interest on the note due to Oglesby National Bank. I. At year$-$end, accrued $$4,000$ of past$-$due December rent on the sales facilities. Required: a$.$ Prepare an income statement $($ignoring income taxes$)$ for Kissick Company's first year of operations and a balance sheet as of the end of the year. $($Hint: You may find it helpful to prepare a T$-$account for the Cash account since it is affected by most of the transactions.$)$ Reminder: Increases to expenses should be entered as negative numbers to show the impact on net income. See Exhibi $4\mathrm{.}3.$ Complete this question by entering your answers in the tabs below. Required A$1$ Required A$2$ Prepare an income statement $($ignoring income taxes$)$ for Kissick Company's first year of operations as of the end of the year. $($Hint: You may find it helpful to prepare a T$-$account for the Cash account since it is affected by most of the transactions.$)$ Reminder: Increases to expenses should be entered as negative numbers to show the impact on net income. See Exhibit $4\mathrm{.}3.$ KISSICK COMPANY Income Statement Sales Cost of goods sold Gross profit Rent expense Interest expense Accounts payable Accounts payable Accounts payable Income from operations Accounts payable Accounts payable Interest expense Net loss $ $ $00$ Required A$1$ Required A$2>$