Case-1: Emax is engaged in the purchase and sale of electronic goods. It has over 65,000 products from more than 300 electronic brands. The company prepares its financial statements at the end of every calendar year. The following are the account balances taken from the unadjusted trial balance of the company as on December 31, 2019. Account Amount (OMR) Accounts Receivable 12,000 Cost of Goods Sold 320,000 Dividends 12,600 Salaries and Wages Expense 40.000 Depreciation Expense 8.000 Sales Discounts 5.000 Interest Revenue 3,600 Cash 20,400 Stores Supplies 2.000 Accounts Payable 8.000 Goodwill 5.000 Utilities Expense 9,000 Accumulated Depreciation - Equipment 12,000 Sales Revenue 520,000 Inventory 27,000 Common Stock 80,000 Rent Expense 12.000 Advertising Expense 12.000 Land 60.000 Freight-out 10,000 Retained Eamings 12,000 Notes Payable 20,000 Equipment 30,000 Sales Returns and Allowances 12,000 Leasehold improvements 40,000 Insurance Expense 15,000 Prepaid Insurance 1,200 Page 3 of 8 Interest Expense 2,400 Following are the additional information given by the company at the end of the year. (1) Tax rate is 30%. (ii) Interest payable OMR 100. (iii) Stores supplies on hand OMR 200. (iv) 60% of the rent expense is related to office and the remaining is related to stores. Question - 1: a. You are required to prepare; i. Multiple-Step Income Statement for the year ended December 31, 2019, (4 Marks) ii. Retained Earnings Statement for the year ended December 31, 2019, and (2 Mark) iii. Classified Balance Sheet as on December 31, 2019. (4 Marks)