2. Value: 2.50 points Below are the transactions and adjustments that occurred during the first year of operations at Kissick Co a. Issued 191.000 shares of $5 par value common stock for S955,000 in cash. b. Borrowed S530,000 from Oglesby National Bank and signed a 11% note due in three years. c. Incurred and paid S400,000 in salaries for the yea d. Purchased S730.000 of merchandise inventory on account during the year. $570,000 for a total of S910,000, all on credi f. Paid rent of $220,000 on the sales facilities during the first 11 months of the year. g. Purchased S160.000 of store equipment, paying $54,000 in cash and agreeing to pay the difference within 90 days. h, Paid the entre $106,000 owed for store equipment and $590,000 of the amount due to suppliers for credit purchases previously recorded. i. Incurred and paid utilities expense of S36,000 during the year. Collected S825,000 in cash from customers during the year for credit sales previously recorded. At year-end, accrued S5a,300 of interest on the note due to Oglesby National Bank. L At year-end, accrued S20.000 of past due December rent on the sales facilities. Required: a. Prepare an income statement noring 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 Taccounts for each account affected by the transactions) KISSICK CO. Income Statement