******Please do not answer this question with other Chegg answers, the numbers are different*********

Based on the financial information below, prepare an income statement and a balance sheet for Webster company for the year ended December 31, 2020 in the proper format. Unless otherwise indicated, assume all information below is either for the year 2020 or as of December 31, 2020.

Accounts receivable.. $9,000 Accumulated depreciation $12,000 Cost of goods sold $4,000 Income tax expense.. $5,000 Cash.. $ 5,000 Sales.. $55,000 Equipment (gross). $40,000 Selling, general, & administrative expenses. $5,000 Common stock (1,000 shares)... $10,000 Accounts payable. $15,000 Retained earnings. $9,500 Interest expense $200 Inventory.. $18,000 Long-term debt. $ 25,500 Dividends declared and paid $800