Financial Statement Project (Summer I 2021) Instructions: Use this information to prepare a multiple-step income statement, a retained earnings statement, and a classified balance sheet. Bean Company has the following ledger accounts and adjusted balances as of December 31, 2020. All accounts have normal balances. Bean's income tax rate is 20%. Bean has 500,000 shares of Common Stock authorized, 200,000 shares of Common Stock issued, and 190,000 shares of Common Stock outstanding. The statements MUST be handwritten. The project is due on July 9, 2021. Accounts Payable. 70,200 Accounts Receivable. 486,000 Accumulated Depreciation-Building. 135,000 Accumulated Depreciation Equipment. 108,000 Administrative Expenses. 108,000 Allowance for Doubtful Accounts. 54,000 Bonds Payable 480,000 Building 1,350,000 Cash 70,200 Common Stock. 720,000 Cost of Goods Sold .1.026.000 Discount on Bonds Payable. 12,000 Dividends... 36,000 Equipment. 522,000 Income from Operations of Division X........ 108.000 (Division X is a component of Bean Company) Interest Revenue 72,000 Inventory......... .756,000 Land (held for future use). 540,000 Land (used for building). 297,000 Loss from Sale of Division X. .216,000 (Division X is a component of Bean Company) Loss on Sale of Investments. 27,000 Mortgage Payable 675,000* Paid-In Capital in Excess of Par. 475,200 Prepaid Rent. 27.000** Retained Earnings, January 1, 2020. 675,000 Sales Discounts 54,000 Sales Returns and Allowances. 90.000 Sales Revenue. 2,763,000 Selling Expenses 351,000 Trademark... 81,000 Treasury Stock 72,000 *$48.000 of the principal comes due in 2020. **Three years rent on offsite document storage paid in advance