Please solve this question with a handwritten step-by-step, detailed explanation and don't use AI like chatgpt they cant solve it coorectly I know the answer of them ai solution will be reported. Thank you

Hytek Corporation ended 2009 with cash of $50,000, accounts receivable of $100,000 and inventory of $300,000. Property, plant and equipment were valued at their original cost of $470,000, less accumulated depreciation of $170,000. Current liabilities other than income taxes owed were $120,000, and long-term debt was $250,000. Stockholders' equity consisted of (i) $90,000 capital stock investment and (i1) accumulated retained earnings, which had totaled $130,000 at the end of 2008. Net sales for 2009 were $900,000. Expenses included $500,000 cost of goods sold, $50,000 allowance for depreciation, $85,000 selling expense, and $65,000 general and administrative (G&A) expense. Interest income and expense were $5000 and $25,000, respectively, and income taxes for the year (unpaid at year's end) were $80,000. Dividends of $20,000 had been declared, but not paid at year's end. Prepare a balance sheet and an income statement reflecting these figures