Financial ratios computed for Whittaker, Inc., include the following:

Current ratio		1.7	to 1
Acid-test ratio		1.1	to 1
Debt/equity ratio		2.4	to 1
Inventory turnover		3.0	times
Accounts receivable turnover		6.1	times
Times interest earned		5.20	times
Gross profit ratio		40	%
Return on investment		9.87	%
Earnings per share	$	6.36

• All sales during the year were made on account. Cash collections during the year exceeded sales by $17,000, and no uncollectible accounts were written off.

• The balance of the accounts receivable account was $53,000 on January 1, 2017.

• No common stock was issued during the year.

• Dividends declared and paid during the year were $4,720.

• The balance of the inventory account was $47,380 on January 1, 2017.

• Interest expense on the income statement relates to the 10% bonds payable; $12,000 of these bonds were issued on May 1, 2017; the remaining amount of bonds payable were outstanding throughout the year. All bonds were issued at face amount.

• Total Current Assets are $173,400

• Bonds Payable, 10% $75,000

• Common Stock, $4 par value $15,000

• Additional Paid-in capital $22,500

Required:

a. Complete the income statement and balance sheet for Whittaker, Inc.