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Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory. and the accrued factory payroll (Factory Wages Payable) has not been recorded. Debit Credit Cash $ 170,000 Accounts receivable 75,000 Raw materials inventory 80,000 Work in process inventory 0 Finished goods Inventory 15,000 Prepaid rent 3,000 Accounts payable $ 17,000 Notes payable 25,000 Common stock 50,000 Retained earnings (prior year) 271,000 Sales 373,000 Cost of goods sold 218,000 Factory overhead 115,000 General and administrative expenses 60,000 Totals $736,000 5.736,000 These six documents must be processed to bring the accounting records up to date Materials requisition 103 Materials requisition 11 Materials requisition 12: Labor time ticket 52 Labor time ticket 53: Labor time ticket 541 $10,200 direct materials to Job 402 $ 18,600 direct materials to Job 404 5.5,600 indirect materials $36.000 direct labor to Job 402 $ 23,000 direct labor to Job 404 $ 3,200 indirect labor Jobs 402 and 404 are the only jobs in process at year end. The predetermined overhead rate is 200% of direct labor cost Required information 4. Prepare an income statement for the year and a balance sheet as of December 31. Hint: Retained earnings is $356,800 at the end of the current year. Complete this question by entering your answers in the tabs below. Income Statement Balance Sheet Prepare an income statement. BERGO BAY COMPANY Income Statement For Year Ended December 31 0 s 0 Income state Balance Sheet > Required information Prepare a balance sheet as of December 31. BERGO BAY COMPANY Balance Sheet As at December 31 Assets Inventories 0 Total assots s 0 Liabilities Total liabilities 0 Equity Required information Inventories 0 S 0 Total assets Liabilities 0 Total liabilities Equity 0 Total equity Total liabilities and equity $ 0