1 Lally Limited is the only manufacturer of automatic carwash machine parts in SA. The following information has been extracted from the records of Lally Limited for the year ended 31 October 2022 and 2021 2022 2021 Shares Outstanding 100 000 80 000 Cash R 108 000 R 50 000 Depreciation R 120 000 R 100 000 Prepaid Expenses R 120 000 R 40 000 Lease Expense R 150 000 R 150 000 Marketable Securities R 150 000 R 100 000 Notes Payable R 150 000 R 100 000 Accrued Expenses R 150 000 R 100 000 Fixed Expenses R 200 000 R 200 000 Other Current Liabilities R 200 000 R 180 000 Interest Expense R 350 000 R 300 000 Accumulated Depreciation R 410 000 R 290 000 Accounts Payable R 420 000 R 380 000 Accounts Receivable R 450 000 R 350 000 Long Term Investments R 450 000 R 360 000 Retained Earnings R 548 000 R 500 000 Additional Paid-in-Capital R 600 000 R 500 000 Selling and G&A Expenses R 820 000 R 730 000 Inventory R1 250 000 R 850 000 Common Stock R2 500 000 R2 000 000 Long-term Debt R2 900 000 R2 500 000 Plant & Equipment R5 350 000 R4 800 000 Cost of Goods R5 750 000 R4 550 000 Sales Tax Rate R7 550 000 R6 150 000 40.00% 40.00% You are required to: 1. Create Lally Limited income statement and balance sheet using formulas wherever 2. possible. Using Excel's outlining feature create an outline on the balance sheet that when collapsed shows only the subtotals for each section. 3. The following formatting should be followed in the Lally Ltd financial statements workbook: Each statement should be on a separate worksheet. Improve the readability of the data by using the format explained on page 50-53 (chapter 2 pdf file) so that Excel will display the numbers as if they had been divided by 1000 and indicate so. Each worksheet has to be named accordingly. Heading and body should be using time new roman font with body using font 11 and 14 for headings Heading should be bold, italic, merged and centered, middle aligned . All expenses line item should have an indent of 1 Company name and financial statement name should be filled with background color Blue, Accent 1, lighter 40% and Dates should be filled with Blue, Accent 1, Lighter 80%. On the balance sheet statement, assets and liabilities & Owner's equity heading should be filled with Blue, Accent 1, lighter 80% background color. Amounts should not show currency sign. All expenses and negative amounts should be negative. (Either shown as a red or negative sign or brackets) All balancing components item (e.g., Gross profit) in the financial statements should be bolded and amounts should have a thick top border line to show that the amount below is the balance of the above. Last balances should have double border lines below. When done preparing financial statements the excel heading and gridline should be hidden