DEBITS 70,000 CREDITS $60,000 62,000 3,000 4,000 22,000 5,000 70,000 20,500 100,000 18,000 6,000 200,000 40,000 2,000 9,000 16,000 ?? ?? Accounts Payable Accounts Receivable Accumulated Depreciation - Equipment Allowance for Doubtful Accounts Amortization Expense Available for Sale Securities Bad Debts Expense Bonds Payable, 8% (principal is due in 2025) Cash Common Stock, $10 par 60,000 shares are authorized) Depreciation Expense Dividend Declared Equipment Franchise Freight - In Gain on Sale of Assets Income Summary (for adjusting merchandise) Income Tax Expense Income Tax Payable Insurance Expense Interest Expense Interest Income Interest Payable Land Loss from Discontinued Operations Merchandise Inventory, ending Paid in Capital in Excess of Par. Common Prepaid Insurance Purchases Rent Expense Retained Earnings Sales Sales Returns Supplies Supplies Expense Treasury Stock (500 shares of common at cost) Utilities Expense Wages Expenses Wages Payable TOTAL 8,000 7,000 3,000 2,000 50,000 24,000 37,000 6,000 99,000 14,000 74,000 60,000 280,000 4,000 3,000 7,000 17,000 26,500 50,000 5740,000 1.000 $740.000 INSTRUCTIONS: Based upon the above list, prepare the FORMAL multiple step income statement (including earnings per share), retained earnings statement, and classified balance sheet for your company for the year ended December 31, 2020. You may select any name for your company (but use the same name consistently throughout all of your computer projects). Assume that no stock has been purchased or sold during the year and assume your company is in a 25% tax rate. Please round all amounts on these computer problems to the nearest dollar (which means I do not want to see any decimals), except earnings per share which should be reported to the nearest penny (2 decimals)