Below is financial information for Colonial Company.(The Company) for the year ended December 31, 2018 pre inexperienced accountant. Colonial Company Income Statement at December 31, 2018 Revenues: Sales revenue $298,000 800 500 2,200 owance for uncollectible accounts. n on sale of available-for-sale investment.. S: Cost of goods manufactured.... Selling g costs Dividend payable. 303,000 Gross profit Operating expenses 3,000 General and administrative Short-term investments Prepaid advertising.800 Interest expense Total operating expenses 5,000 Net loss Colonial Schedule of Cost of Goods Manufactured at December 31, 2018 Direct materials purchased. Direct manufacturing labor. Manufacturing overhead $98,000 Indirect materials. Indirect manufacturing labor cot 7,000 Research and development expense. Factory rent Factory insurance.. Factory equipment 46,000 Accumulated depreciation(9.200) Factory utilities 6,000 Prepaid factory insurance 1,000 Factory bonus payable . Other indirect manufacturing costs. 4000 $2,000 5,000 24,000 (3,000) Cost of goods manufactured. The accountant did not take the following items into consideration when tuly l.2017 and has a useful life of S years with $2,000 salvage (residual) value. method of depreciation. 14 20 a. Factory equipment was b. Inventory balances for 2018 are: $7,000 $10,000 $28,000 Direct materials.$6,000 Work-in-process$8,000 Finished goods$25,000 C. The company's tax rate is 21%. company's president is disappointed with the results of operations and has hired your accounting firm to review the nancial statements. equired: As one step in gathering data for the presiden ended December 31, 2018. As a second step, prepare a corrected multiple-step income statement for the year 2018. 1. t, prepare a revised schedule of cost of goods manufactured for the year 2. INSTRUCTIONS: A. This Grading of this project will be based on: 1. Accurac assignment must be completed in Excel. Handwritten work or late assignments will not be accepted. B. y of your schedule of cost of goods manufactured and income statement 2. Uise ef for mula, las, neatness and formatting of your Excel schedule of cost of goods manufactured and income yorel statement. NOTE: a) Do not use.00 after each number, or color your work. b) Do not use excessive $ signs on your statements. c) This Project is due Tuesday April 23, 2019. Attach printed copies of your schedule of cost of goods manufactured and income statement to this project sheet and give it to me on or before the due date. Also, email me your Excel schedule of cost of goods manufactured and income statement on or before the due date