Construct a Dec 31 2005 balance sheet and income statement for RetailBiz

E3-2 RetailBiz, Inc., is incorporated on December 1,2004. During December, RetailBiz a. Issues common stock to various investors, raising $60,000 cash. b. Buys a parcel of land, paying $5,000 cash. Here is RetailBiz, Inc.'s balance sheet as of December 31, 2004. Retail Biz, Inc. Statement of Financial Position as of December 31, 2004 Cash $55,000Total liabilities $55,000 Total current assets Stockholders' equity Common stock $60,000 -5.000 $60,000 Land Total liabilities & stockholders Total assets equity During 2005: c. RetailBiz receives delivery of 490,000 cans of product, paying $49,000 cash. d. Retail Biz sells all 490,000 cans during 2005. The sellin can, gen- erating $73.500 ( 490,000 $0.1 5) cash. Required: Construct a December 31, 2005 balance sheet and an income statement for the year ended December 31, 2005, for RetailBiz, Inc