2. Prepare a statement of owner's equity. Maya Kanpur invested an additional $7,500 in the business during the year ended June 30,20r7. 3. Prepare a balance sheet, assuming that the current portion of the note payabie is $20,375. Required: 1. Prepare a multiple-step income statement. Kanpur Co. Income Statement For the Year Ended June 30, 20 Y7 Sales Gross profit Expenses: Selling expenses: Sales salaries expense Advertising expense Depreciation expense-store equipment v Miscellaneous selling expense Total selling expenses Administrative expenses: Office salaries expense Rent expense Insurance expense Depreciation expense-office equipment office supplies expense Miscellaneous administrative expense Total ardminietrative exnoncas Multiple-step income statement and balance sheet The following selected accounts and their curtent balances appear in the ledoer of Kanpur Co. for the fiscal year ended June 30,20r7 : 4. Which type of income statement shows intermediate balances? KANPUR CO. Balance Sheet June 30,20Y7 Assets Current assets: Cash Accounts receivable Inventory Estimated returns inventory Office supplies Prepaid insurance Total current assets Property, plant, and equipment: office equipment Accumulated depreciation-office equipment Bookvalue-office equipment Store equipment Accumulated depreciation-store equipment v Book value-store equipment Total property, plant, and equipment Total assets Liabilities Current liabilities: Accumulated Depreciation-Store Equipment Accounts Payable Salaries Payable Customer Refunds Payable Estimated Coupons Payable Note Payable (final payment due in 20 years) Maya Kanpur, Capital Maya Kanpur, Drawing Sales Cost of Goods Sold Sales Salaries Expense Advertising Expense Depreciation Expense-Store Equipment Miscellaneous Selling Expense Office Salaries Expense Rent Expense Insurance Expense Depreciation Expense-Office Equipment Office Supplies Expense Miscellaneous Administrative Expense Interest Expense 280,000 190,800 12,400 10,000 . 3,000 407,500 638,600 76,200 4,660,900 2,696,000 758,100 208,500 40,600 17,800 413,900 61,100 19,000 30,600 11,200 8,100 12,400