Meric Corporation (A U $\text { January } 10,2014\quad \text { Paid } \$ 3,000 \text { in other operating expenses }$

Essay

Meric Corporation (a U.S.company)began operations on January 1,2014,when the owner borrowed $150,000 to start the company.In the first month of operations,Meric had the following transactions:
$\text { January } 10,2014\quad \text { Paid } \$ 3,000 \text { in other operating expenses }$
$$\text { Janury 23,2014 \quad Acquired and paid half of the Brazlian real owed to the Brazilian supplier }$$ January 28,2014 $\quad$ Collected half of the 32,000 pounds from the customer in Great Britain and immediately converted them into U.S, dollars The following exchange rates apply:
$\begin{array}{lll}\underline{\text { Date}}&\underline{\text { Rate}}&\underline{\text { Rate }} \\\text { January 3 } & \$ .6260=1 \text { real } & \$ 1.5950=1 \text { pound } \\\text { January 8 } & \$ .6230=1 \text { real } & \$ 1.5760=1 \text { pound } \\\text { January 10 } & \$ .6210=1 \text { real } & \$ 1.5880=1 \text { pound } \\\text { January 23 } & \$ .6250=1 \mathrm{real} & \$ 1.5610=1 \text { pound } \\\text { January 28 } & \$ .6330=1 \mathrm{real} & \$ 1.5570=1 \text { pound } \\\text { January 31 } & \$ .6180=1 \mathrm{real} & \$ 1.5720=1 \text { pound }\end{array}$
Required:
Complete the summary income statement and balance sheet for the month ended January 31,2014 assuming there were no other transactions.