Painter Corporation was organized by five individuals on January 1 of the current year. At the end of January of the current year, the following monthly financial data are available:Total revenues $ 299,000Total expenses (excluding income taxes) 192,000Income tax expense (all unpaid as of January 31) 33,200Cash balance, January 31 66,950Receivables from customers (all considered collectible) 33,200Merchandise inventory (by inventory count at cost) 95,700Payables to suppliers for merchandise purchased from them (will be paid during February current year) 27,350Common stock 94,700No dividends were declared or paid during January. Required1. Complete an Income Statement for Painter Corporation.2. Complete Painter Corporation's Balance Sheet.