Financial ratios computed for Whittaker Inc. include the following:

Current ratio		1.9	to 1
Acid-test ratio		1.3	to 1
Debt/Equity ratio		2.0	to 1
Inventory turnover		4.0	times
Accounts receivable turnover		6.8	times
Times interest earned		4.45	times
Gross profit ratio		40	%
Return on investment		12	%
Earnings per share	$	5.52

All sales during the year were made on account. Cash collections during the year exceeded sales by $28,000, and no uncollectible accounts were written off.

The balance of the accounts receivable account was $114,000 on January 1, 2020.

No common stock was issued during the year.

Dividends declared and paid during the year were $15,200.

The balance of the inventory account was $96,000 on January 1, 2020.

Interest expense on the income statement relates to the 15% bonds payable; $20,000 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.

Week 6 Applied Learning Activity 2 Week 6 Applied Learning Activity 2 i Required: a. Complete the income statement and balance sheet for Whittaker Inc