XYZ Merchandising uses a periodic inventory system. The balance in the inventory account on 12/31/19 is $230,000. They report the following accounts and balances on 12/31/19: Debit Credit Cash $109,000 Account Receivable 92,000 Allowance for Doubtful Accounts 1,000 Inventory balance on 1/1/19 223,000 Purchases 310,000 Equipment 115,000 Accumulated Depreciation 20,000 Account Payable 95,000 Common Stock 90,000 Retained Earnings 1/1/19 290,000 Sale Revenue 390,000 Operating Expenses 37,000 Additional Information: The business has not recorded the annual depreciation for 2019 or an estimate for uncollectible accounts in 2019. The annual depreciation for the equipment is $10,000. They estimate that 2% of the receivables will not be collected. Prepare a balance sheet for XYZ Merchandising as of 12/31/19. Can someone help me with the income statement? Please