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Check my work McGuire Corporation began operations in 2018. The company purchases computer equipment from manufacturers and then sells to retail stores. During 2018, the bookkeeper used a check register to record all cash receipts and cash d were used. The following is a recap of the cash receipts and disbursements made during the year No other journals Cash receiptss Sale of common stock Collections from customers Borroved from local bank on April 1, note signed requiring $ 65,00o 315,000 principal and interest at 121 to be paid on Narch 31, 2019 Total cash receipts $413,000 Purchase of merchandise Paynent of salaries and wages Purchase of office equipnent Payment of rent on buiiding $192,500 74,500 39,000 10,250 11,900 $328,150 Total cash disbursenents You are called in to prepare financial statements at December 31, 2018. The following additional information was provided to you 1. Customers owed the company $18,500 at year-end. 2. At year-end, $29,050 was still due to suppliers of merchandise purchased on credit. 3. At year-end, merchandise inventory costing $45,800 stll remained on hand 5. On December 1, $2,850 in rent w s and wages owed to employees at year-end amounted to $4,950 as paid to the owner of the building used by McGuire. This represented rent for the months of December through February 6. The office equipment, which has a 10-year life and no salvage value, was purchased on January 1, 2018 used Required: Prepare an income statement for 2018 and a balance sheet as of December 31, 2018.(For Balance Sheet only,items to be deducted must be indicated with a ne