Backlund Farm Supply completed the Adjusted Trial Balance for the year ended December 31, 20--. Owner's equity as of January 1, 20--, was $507,752. The current portion of Note Payable is $3,000. Backlund Farm Supply End-of-Period Spreadsheet (Partial) December 31, 20-- ADJUSTED TRIAL ADJUSTED TRIAL 1 ACCOUNT TITLE BALANCE DEBIT BALANCE CREDIT 2 Cash 25,784.00 3 Accounts Receivable 10,296.00 4 Merchandise Inventory 71,280.00 5 Estimated Returns Inventory 1,320.00 6 Supplies 2,640.00 7 Prepaid Insurance 1,980.00 8 Land 99,000.00 9 Building 385,000.00 10 Accumulated Depreciation-Building 22,000.00 11 Store Equipment 132,000.00 12 Accumulated Depreciation-Store Equipment 3,960.00 13 Accounts Payable 10,516.00 14 Customer Refunds Payable 1,760.00 15 Wages Payable 1,320.00 16 Sales Tax Payable 17 Note Payable 18 J. Buckland, Capital 19 J. Buckland, Drawing 3,784.00 17,600.00 587,752.00 5,280.00 20 Income Summary 65,120.00 71,280.00 21 880.00 1,320.00 22 Sales 358,644.00 23 Sales Returns and Allowances 5,896.00 24 Purchases 178,904.00 25 Purchases Returns and Allowances 4,488.00 26 Purchases Discounts 3,520.00 27 Freight-In 1,760.00 28 Wages Expense 76,340.00 29 Advertising Expense 1,320.00 30 Supplies Expense 880.00 31 Phone Expense 3,010.00 32 Utilities Expense 3,150.00 33 Insurance Expense 1,760.00 34 Depreciation Expense-Building 11,000.00 35 Depreciation Expense-Store Equipment 1,980.00 36 Miscellaneous Expense 660.00 37 Interest Expense 704.00 38 $1,087,944.00 $1,087,944.00 39 40 Net Income 353,364.00 $85,888.00 439,252.00 Required: 1. Prepare a multiple-step income statement. 2. Prepare a statement of owner's equity. 3. Prepare a balance sheet