Construct the Income Statement. What is the gross margin for EDNA co? Net income before tax of EDNA Co? Construct the Balance sheet as of Dec 31, 1997, what is the ending balance for cash? What is the ending balance for accounts payable? what are the total assets or total liabilities and stockholders' equity of EDNA Co. as of December 31,1997? Following are the transactions that occured in the life of El Dorado National Advertiaing Co. for the calendar year that Dec. 31, 1997 EDNA Co. was organized in January 1997. 1.) The company issued 100,000 shares of common stocks at a par value of P9.00 per share to various individuals in return for cash payments totaling P1,000,000 2.) EDNA Co purchased land and building for P700,000 in cash. The bill of sale specified that P500,000 of the payment was for the building. 3.) EDNA Co. purchased office equipment on account for P100,000 from the Supplier Company. 4.) EDNA Co. obtained a P500,000 short-term interest-bearing loan from one of its stockholders. The company signed for the loan and received cash in the amount of P500,000. Interest expense for the year amounted to P5,000 5.) EDNA Co. prepared a check for P80,000 and mailed it to the Supplier Company as partial payment for the office equipment purchased in a previous transaction. 6.) EDNA Co. made a cash sale of advertising services for P600,000. 7.) EDNA Co . rendered advertising service to the Buyer Company. The Buyer Company agreed to pay P80,000 for this service but put the charge on account rather than paying cash for it. 8.) Office equipment bought is assumed to provide service for the next ten years with a salvage value of P10,000. The depreciation expense of P16,364 is recorded at the end of each year. 9.) EDNA Co. paid 200,000 in rent for some office space that is occupied during the year. Ten percent of the amount is, however, applicable for the next year yet. 10.) Office supplies amounting to P8,000 were purchased on credit during the year . A physical count at the end of the year revealed that only P3,000 worth of supplies remain. 11.) EDNA Co. paid its salespeople a total of P295,000 for their work during the year. 12.) The company received a bill from the United Company in the amount of 50,000 for gas and electricity used by EDNA Co. during 1997. Only 4/5 of this entire amount has been paid while the remaining bill will not be settled until January 1998. 13.) The company is planning to acquire additional equipment at a total cost of 250,000 to be paid in cash. 14.) Tores, one of the stockholders, left the country but prior to that she sold all her stocks (originally bought for P25,000) to Nidoy for 33,000 15.) The Board if Ditectors declared a 30,000 dividend to its stockholders to be paid on Feb 15, 1998 16.) EDNA Co. is charged a corporate income tax rate of 35% on its earning during the year 1997. This tax will not be paid until March 15, 1998 Construct the Income Statement. What is the gross margin for EDNA co? Net income before tax of EDNA Co? Construct the Balance sheet as of Dec 31, 1997, what is the ending balance for cash? What is the ending balance for accounts payable? what are the total assets or total liabilities and stockholders' equity of EDNA Co. as of December 31,1997