4 You are the Chief Financial Officer and lead accountant for a small business you helped to start 5. The name of the business is Intermediate Accounting One, Inc. 6 The business prepares it's financial statements as of the end of every year. The financial statements are being prepared for the year 2019 Prepare the first three Financial Statements using the Account Names and Account Balances listed below. 9 (You will need more account names than are listed) 10 Account balances are as of the end of the year unless specified. 11 In the Financial Statements, where you see a box to the left, type an Account Name. 12 Where you see a box to the right, type either an Account Balance or compute a Total Amount 14 Account Names Account Balances 16 Selling Expenses 17 Common Stock 18 Cash 19 Notes Payable (Current Portion) 20 Sacs Revenues 21 Land 22 Accounts Receivable 23 Notes Pavable (Long Term Portion) 24 Purchases 25 Uneamed Revenues 26 Notes Receivable (Current Portion) 27 Wages Payable 28 Inventory (Beginning) 29 Accounts Payable 30. Dividends $57,000 5312,000 $33,500 $117,000 $1,302,000 $452,000 $72,000 $1,451,000 $552,000 $42.000 $32,000 $101,000 $154,000 572,000 $19.000 28 Inventory (Beginning) $154,000 29 Accounts Payable $72,000 30 Dividends $19,000 31 Buildings (Historical value) $1,002,000 32 Sales Retums & Allowances 552,000 33 Prepaid Insurance $10,000 34 Taxes Payable (Current) $16,000 35 Equipment (Historical Value) $732,000 36 Retained Earnings (Beginning) $190,677.50 37 General & Administrative Expenses $302,000 38 Supplies $10,000 39 Notes Receivable (Long-Term Portion) $344,000 40 41 Other Information: 1) The company estimates that it the amount it will be unable to collect on it's accounts receivable will be (Assume that the expense component of this amount is already included in Selling Expenses) 2) The company depreciates all Fixed Assets on a Double-clining Balance basis The company has of accumulated depreciation on it's building of and accumulated depreciation on it's equipment of (Assume that the expense components of these amounts are already included in General & Adminsitrative Expenses) 3) The company keeps record of it's inventory using a periodic system The company perfomed a physical inventory count at the end of the year and determined that it's value was 42 $19.000 5152,000 592.000 5125,000 1) Prepare a Condensed Income Statement assuming a Tax Rate of Also assume that the company sold a building for a gain of 21% $27,750 This gain was both unusual and infrequent. Please help prepare the 3 financial statements