3 Part II. Classifications - indicate whether each item belongs on an income statement or balance sheet (18pts) Income Statement Balance Sheet Item Accounts Payable Accounts Receivable Cash Freight Out Inventory Salary & Wages Payable Sales Returns & Allowances Sales Revenue Salary & Wages Expense Part III. Short Answer - answer each question completely, showing work as needed (spreadsheet, typec or handwritten accepted) (60pts) 1. Corales Company acquires a delivery truck at a cost of $38,000. The truck is expected to have a