XYZ Corporation has the following account balances as of December 31: Revenue $50,000, Cost of Goods Sold $20,000, Rent Expense $5,000, Salaries Expense $10,000, Utilities Expense $2,000, Equipment $30,000, Accumulated Depreciation $5,000, Cash $8,000, Accounts Receivable $12,000, Accounts Payable $4,000, Common Stock $20,000, Retained Earnings $18,000.

Tasks:

1. Prepare an income statement for the year.
2. Prepare a balance sheet as of December 31.

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