Problem 4-22 Prepare an income statement and balance sheet from transaction data LO 1 Below are the transactions and adjustments that occurred during the first year of operations at Kissick Co a. Issued 196,000 shares of $5-par-value common stock for $980,000 in cash b. Borrowed $510,000 from Oglesby National Bank and signed a 12% note due in three years. c. Incurred and paid $410,000 in salaries for the year d. Purchased $660,000 of merchandise inventory on account during the year e. Sold inventory costing $590,000 for a total of $920,000, all on credt f. Paid rent of $110,000 on the sales facilities during the first 11 months of the year g. Purchased $160,000 of store equipment, paying $55,000 in cash and agreeing to pay the difference within 90 days h. Paid the entire $105,000 owed for store equipment and $610,000 of the amount due to suppliers for credit purchases previously recorded i. Incurred and paid utilities expense of $37,000 during the year j. Collected $845,000 in cash from customers during the year for credit sales previously recorded k. At year-end, accrued $61,200 of interest on the note due to Oglesby National Bank I. At year-end, accrued $10,000 of past-due December rent on the sales facilities Required: a. Prepare an income statement (ignoring income taxes) for Kissick Co's first year of operations and a balance sheet as of the end of the year (h KISSICK CO e Statement