Browning Company has the following ledger accounts and adjusted balances as of December 31, 2017. All accounts have normal balances. Brownings income tax rate is 40%. Browning has 300,000 shares of Common Stock authorized and 100,000 shares of Common Stock issued and outstanding. Accounts Payable. 26,000 Accounts Receivable 180,000 Accumulated Depreciation-Building 50,000 Administrative Expenses. 40,000 Allowance for Doubtful Accounts 20,000 Mortgage Payable ... 250,000* Building 500,000 Cash. 26,000 Common Stock 300,000 Cost of Goods Sold. 380,000 Dividends 20,000 Income from Operations of Division X.. 40,000 (Division X is a component of Browning Company) Interest Revenue.. 20,000 Inventory...280,000 Land (held for future use).... 200,000 Loss from Sale of Division X........................... 80,000 (Division X is a component of Browning Company) Loss on Sale of Investments... .. 10,000 Paid-In Capital in Excess of Par...116,000 Patent 30,000 Prepaid Insurance. 10,000** Retained Earnings, January 1, 2017 250,000 Sales Discounts. 20,000 Sales Revenue..990,000 Selling Expenses. 130,000 *$25,000 of the principal comes due in 2018. **Two years insurance paid in advance. Instructions: Use this information to prepare a multiple-step income statement, a retained earnings statement, and a classified balance sheet.