Following are the transactions and adjustments that occurred during the first year of operations at kissick co. issued 197,000 shares of $4-par-value common stock for $788,000 in cash. borrowed $550,000 from oglesby national bank and signed a 12% note due in three years. incurred and paid $390,000 in salaries for the year. purchased $680,000 of merchandise inventory on account during the year. sold inventory costing $580,000 for a total of $910,000, all on credit. paid rent of $220,000 on the sales facilities during the first 11 months of the year. purchased $160,000 of store equipment, paying $51,000 in cash and agreeing to pay the difference within 90 days. paid the entire $109,000 owed for store equipment and $600,000 of the amount due to suppliers for credit purchases previously recorded. incurred and paid utilities expense of $36,000 during the year. collected $835,000 in cash from customers during the year for credit sales previously recorded. at year-end, accrued $66,000 of interest on the note due to oglesby national bank. at year-end, accrued $20,000 of past-due december rent on the sales facilities. required: 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 to prepare a t-account for the cash account since it is affected by most of the transactions.)