Use the following information to prepare a multistep income statement and a balance sheet for Daniels Company for 2011. (Some of the items will not appear on either statement, and ending retained earnings must be calculated.)

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Operating Expenses Accounts Payable Land $ 90,000 Allowance for Doubtful Accounts $ 7,000 60,000 Sales Revenue 400,000 77,000 Uncollectible Accounts Expense 14,000 Dividends 12,000 Accounts Receivable 113,000 Beginning Retained Earnings 171,070 Salaries Payable 12,000 Interest Revenue Inventory 16,000 Supplies 3,000 125,000 Prepaid Rent 14,000 Notes Receivable (short term) Cashi 17,000 Common Stock 52,000 73,000 Cost of Goods Sold 179,000 Interest Receivable (short term) Cash Flow from Investing Activities 800 Salaries Expense 58,270 102,000 Unearned Revenue 58,000