Financial ratios computed for Whittaker Inc. include the following:

Current ratio 2.1to 1

Acid-test ratio 1.5to 1

Debt/equity ratio 2.0to 1

Inventory turnover 4.0times

Accounts receivable turnover 6.5times

Times interest earned 5.40times

Gross profit ratio 20%

Return on investment 11.64%

Earnings per share$7.99

All sales during the year were made on account. Cash collections during the year exceeded sales by $13,000, and no uncollectible accounts were written off.

The balance of the accounts receivable account was $57,000 on January 1, 2020.

No common stock was issued during the year.

Dividends declared and paid during the year were $6,602.

The balance of the inventory account was $71,300 on January 1, 2020.

Interest expense on the income statement relates to the 12% bonds payable; $10,000 of these bonds were issued on May 1, 2020; the remaining amount of bonds payable were outstanding throughout the year. All bonds were issued at face amount.

Required:

a. Complete the income statement and balance sheet for Whittaker Inc. The year ended on December 31, 2020.