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McGuire Corporation began operations in 2021. The company purchases computer equipment from manufacturers and then sells to retail stores. During 2021, the bookkeeper used a check register to record all cash receipts and cash disbursements. No other journals were used. The following is a recap of the cash receipts and disbursements made during the year. Cash receipts: Issue of common stock $ 50,000 Collections from customers 320,000 Borrowed from local bank on April 1. note signed requiring principal and interest at 12% to be paid on March 31, 2022 40,000 Total cash receipts m Cash disbursements: Purchase of merchandise $220,000 Payment of salaries 80,000 Purchase of o'ice equipment 30,000 Payment of rent on building 14,000 Miscellaneous expense 10,000 Total cash disbursements $354,000 You are called in to prepare financial statements at December 31, 2021. The following additional information was provided to you: Page 104 1. Customers owed the company $22,000 at year-end. 2. At year-end, $30,000 was still due to suppliers of merchandise purchased on credit. 3. At year-end, merchandise inventory costing $50,000 still remained on hand. 4. Salaries owed to employees at year-end amounted to $5,000. 5. On December 1, $3,000 in rent was paid to the owner of the building used by McGuire. This represented rent for the months of December through February. 6. The office equipment, which has a 10-year life and no salvage value, was purchased on January 1, 2021. Straight-line depreciation is used. Required: Prepare an income statement for 2021 and a balance sheet as of December 31, 2021