Concord Company recently hired a new accountant whose first task was to prepare the financial statements for the year ended December 31, 2021. The following is what he produced: $396.000 $5,400 3,400 8.800 387,200 CONCORD COMPANY Income Statement December 31, 2021 Sales Less: Unearned revenue Purchase discounts Total revenue Cost of goods sold Purchases Less: Purchase returns and allowances Net purchases Add: Sales returns and allowances Cost of goods available for sale Add: Freight out Cost of selling merchandise Gross profit margin 231,500 4,000 235,500 7,600 243,100 9,400 252,500 134.700 Z5Z,JUU 134,700 4,500 10,400 2.400 17.900 42,200 COST OT sering merchandise Gross profit margin Operating expenses Freight in Insurance expense Interest expense Rent expense Salaries expense Total operating expenses Profit margin Other revenues Interest revenue Investment by owner Other expenses Depreciation expense Drawings by owner Profit from operations 77.400 57,300 $1,500 3,700 5,200 7,300 48,500 55,800 (50,600) $6.700 CONCORD COMPANY Balance Sheet Year Ended December 31, 2021 Assets Cash $16,600 7.800 29,900 24,100 22.800 Accounts receivable Merchandise inventory, January 1, 2021 Merchandise inventory, December 31, 2021 Equipment $73,000 Less: loan payable (for equipment 50,200 purchase) Total assets Liabilities and Owner's Equity Long-term investment Accumulated depreciation-equipment Sales discounts Total liabilities Owner's equity $101,200 $50,200 21,900 2,800 74,900 26,300 Sales discounts Total liabilities Owner's equity Total liabilities and owner's equity 2,800 74,900 26,300 $ 101,200 The owner of the company, Lily Oliver, is confused by the statements and has asked you for your help. She doesn't understand how, if her Owner's Capital account was $75,900 at December 31, 2020, owner's equity is now only $26,300. The accountant tells you that $26,300 must be correct because the balance sheet is balanced. The accountant also tells you that he didn't prepare a statement of owner's equity because it is an optional statement. You are relieved to find out that, even though there are errors in the statements, the amounts used from the accounts in the general ledger are the correct amounts. Prepare the correct multiple-step income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) CONCORD COMPANY Income Statement $ $ $ Prepare the correct statement of owner's equity. (List items that increase owner's equity first.) CONCORD COMPANY Statement of Owner's Equity TA $