Assignment 8-Pls use the elass template in XL and submit only one tab per file. Prepare the P\&L and balance sheet for this company. Add your name to the file e.g. Jas Gill Assigument 8.xis Preparing a Merchandiser's Financial Statements Below is the adjusted trial balance of Fred's Fishing Gear: Common shares Retained earnings Dividends Sales revemues Sales returns and allowances Cost of goods sold Salaries expense Bad debt expense Marketing expense Utilities expense Depreciation expense Rent expense Repairs expense Interest expense Income tax expease Total $1.633,000$1,633,000 Assignment 8-Pls use the class template in XL and submit only one tab per file. Prepare the P\&L and balance sheet for this company. Add your name to the file e.g. Jas Gill Assignment 8.xls Required: a.) Assuming 10,000 shares were issued @ 10 per share and dividends of $25,000 paid during the year, prepare an income statement, statement of changes in shareholders' equity for the year ended August 31, 2017 and a balance sheet as at August 31, 2017. b.) Compute the gross profit and net profit percentage based on your answer. USE ACCOUNTING TEMPLATE ONLY - NO PDF WORD ETC WILL BE A ZERO