1. Selected data from the ledger of Morrison Co. after adjustment at September 30, 2010 the end of the fiscal year, are listed as follows: Accounts Receivable Accumulated Depreciation Administrative Expenses Bob Morrison, Capital Cost of Merchandise Sold Bob Morrison, Drawing Interest Revenue $ 39,120 60,540 90,000 85,000 550,000 65,000 10,000 Office Equipment Prepaid Insurance Note Payable Salaries Payable Sales (net) Selling Expenses Supplies $ 82,700 4,680 77,750 3,060 950,000 102,000 3.125 Prepare an income statement, using the single-step form, and a statement of owner's equity. 3. Basic inventory data for April 30 are presented below for a business that employs the lower of cost or market basis of inventory valuation. Commodity Quantity Unit Cost Price $ 52 155 Unit Market Price $ 55 150 85 Total Lower of Cost Cor M 20 82 35 58 (a) (b) Complete the table. Determine the amount of reduction in the inventory at April 30 attributable to market decline