For this assignment, you will need to create an Income Statement and Balance Sheet. To create these financial statements, you should use the transaction ledger that was completed in Assignment 4. Make sure to download a key to Assignment from the "Extra' folder on Google Drive (or click on the document attached to this assignment). and DO NOT use your previous work. Make sure to label and classify accounts and amounts correctly. You should make sure to list both gross and net PPE and include subtotals for current assets, long-term assets, total asset, current liabilities, total liabilities, total equity, and total liabilities and equity. This assignment is worth a total of 28 points with the income statement being worth 11 points and the balance sheet being worth 16 points. One point will be rewarded for following submission instructions correctly. Make sure to follower all directions. This assignment is worth a total of 28 points. The following point deductions will be applied: Assignment 5 Transaction Ledger Name /* # A = L + E 1 tlook 2 I cash Common stock Hook cash notes +50k payable +50% equipment 3 +48K cash -48K 4 inventory accounts payable 12K 5 6 aconial Ladvertising *+500 expense -500 Trent Tcash Ik Trevenue 7 accounts +2% +2K wace -IK expense expense IK 7 recevable +28 8 Teash Ik CAS 1200 9 scants-200 Treceivable 10 cash -500 interest -sool 11 1300 Tinventory accumublet- depreciation expense COGS -300 Deprecation esperise -14 For this assignment, you will need to create an Income Statement and Balance Sheet. To create these financial statements, you should use the transaction ledger that was completed in Assignment 4. Make sure to download a key to Assignment from the "Extra' folder on Google Drive (or click on the document attached to this assignment). and DO NOT use your previous work. Make sure to label and classify accounts and amounts correctly. You should make sure to list both gross and net PPE and include subtotals for current assets, long-term assets, total asset, current liabilities, total liabilities, total equity, and total liabilities and equity. This assignment is worth a total of 28 points with the income statement being worth 11 points and the balance sheet being worth 16 points. One point will be rewarded for following submission instructions correctly. Make sure to follower all directions. This assignment is worth a total of 28 points. The following point deductions will be applied: Assignment 5 Transaction Ledger Name /* # A = L + E 1 tlook 2 I cash Common stock Hook cash notes +50k payable +50% equipment 3 +48K cash -48K 4 inventory accounts payable 12K 5 6 aconial Ladvertising *+500 expense -500 Trent Tcash Ik Trevenue 7 accounts +2% +2K wace -IK expense expense IK 7 recevable +28 8 Teash Ik CAS 1200 9 scants-200 Treceivable 10 cash -500 interest -sool 11 1300 Tinventory accumublet- depreciation expense COGS -300 Deprecation esperise -14