Ryan Hope, controller of Hope Inc. provides you with the following information concerning Hope during 2020, its first year of operations 1. Issued 1,000 shares of common stock at $95 per share. 2. Paid $24,000 as rent on office space for the year. 3. Made total sales for services of $190,000: $65,000 for cash and $125,000 on account. 4. Purchased land for $32,000. 5. Borrowed $75,000 on December 31. The note payable matures in two years. 6. Expenses totaling $80,000 were paid during the year. 7. $56,000 was received from customers as payment on account. 8. Declared and paid a dividend of $20,000

Question: Prepare an income statement and balance sheet