Prepare a balance sheet and income statement . Inventory $ 6500 Cash 16550 Accounts Rec 9600 Buildings & Equip. 122,000 accumulated deprec. (34,000) Common stock $45,000 Short-term notes 600 Accounts payable 4,800 Long-term debt 55,000 retained earnings ? addtiional information is: operating expenses $ 1,350 interest expense 900 depreciation expense 500 net sales 12,800 cost of goods sold 5750 taxes 1440 general & admin expense 850.