30, Multi-Step Income Statement and Classified Balance Sheet The following items were taken from the financial statements of Wilson Inc. for 2012: (in lakhs) Accounts payable Accounts receivable Advertising expense *15,780 8,470 4,200 Cash Common stock Cost of sales Dividends Equipment, net Income tax expense 16,080 15,400 41,250 2,310 45,420 3,260 Insurance expense 4,680 Long-term liabilities 9,920 Prepaid insurance 5,970 Retained earnings, Jan. 1 28,450 Salaries expense 17,420 Salaries payable 5,210 Sales 78,420 Utilities expense 4,180 Required Prepare a multi-step income statement for ent)for the year ending December 31, 2012, and a classified balance sheet at December 31, 2012. Hint: You must calculate ending retained earnings.