The Weikart Company had the following items on its December 31 20X0 balance shee

The Weikart Company had the following items on its December 31 20X0 balance sheet and 20X0 income statement (in dollars except for number of shares outstanding):Cash and equivalent $55000Revenues 800000Notes payable 51000Long-term debt excluding current portion 210000Accounts receivable net 48000Provision for income taxes 60000Other long-term assets 110000Interest expense 55000Deferred income tax liability-long-term 44000Retained earnings 204000Income taxes payable 37000Cost of sales 470000Inventories 36000Prepaid1. Prepare in proper for from December 31 20X0 balance sheet and the 20X0 income statement for Weikart Company. Include the proper amount for additional paid in capital.