The following items were taken from the accounting records of Talecom, Incorporated. The income statement and balance sheet at December 31, 2009 except for the retained earnings balance which is the balance at 1/1/2009: L Accounts Payable $ 52,000 Retained Earnings (beg) 52,300 A Accounts Receivable $ 7,000 Salaries Expense 22,000 A Land 121,000 R Service Revenue 121,000 G. Advertising Expense 11,000 3,000 A Cash 108,000 Accumulated Depreciation 20,000 A Common Stock 15,000 Supplies Expense 1,000 Rent Expense 20,000 L Salaries Payable 1,500 Dividends 1,000 Additional Paid In Capital 100,000 Insurance Expense 5,000 A Building 100,000 L Notes Payable (long-term) 62,000 Income tax rate 40% A Inventory Instructions: Prepare an income statement and balance sheet. Also calculate and interpret Liquidity ratios; solvency ratios