Prepare an income statement (ignoring income taxes) for Kissick Co.’s

.364px;=”” collapse;=”” 12px=””>Prepare an income statement (ignoring income taxes) for Kissick Co.’s first year of operations and a balance sheet as of the end of the year. (Hint: You may find it helpful to prepare T-accounts for each account affected by the transactions.) (Amounts to be deducted and net loss should be indicated with minus sign.).364px;=”” collapse;=”” 12px=””>a.Issued 194,000 shares of $5-par-value common stock for $970,000 in cash.b.Borrowed $520,000 from Oglesby National Bank and signed a 10% note due in two years.c.Incurred and paid $420,000 in salaries for the year.d.Purchased $640,000 of merchandise inventory on account during the year.e.Sold inventory costing $580,000 for a total of $910,000, all on credit.f.Paid rent of $220,000 on the sales facilities during the first 11 months of the year.g.Purchased $190,000 of store equipment, paying $54,000 in cash and agreeing to pay the difference within 90 days.h.Paid the entire $136,000 owed for store equipment, and $600,000 of the amount due to suppliers for credit purchases previously recorded.i.Incurred and paid utilities expense of $37,000 during the year.j.Collected $845,000 in cash from customers during the year for credit sales previously recorded.k.At year-end, accrued $52,000 of interest on the note due to Oglesby National Bank.l.At year-end, accrued $20,000 of past-due December rent on the sales facilities.