Clay Corporation was organized on January 1, current year At the end of the current year, the follow

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Clay Corporation was organized on January 1, current year At the end of the current year, the following financial data are available:

Total revenues $ 299,000
Total expenses (excluding income taxes) 184,000
Income tax expense (all unpaid as of December 31) 34,500
Cash 70,150
Receivables from customers (all considered collectible) 34,500
Merchandise inventory (by inventory count at cost) 96,600
Payables to suppliers for merchandise purchased from them
(will be paid during February current year)
26,450
Common stock 59,800

No dividends were declared or paid during the first year

Required:

Complete the following two statements:

Need to find balance sheet and income statement

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