Given the following account information for XYZ Companys adjusted trial balance as of 12/31/21, prepare a 1.) multiple-step income statement for the year ended 12/31/21; and a 2.) classified balance sheet in report form as of December 31, 2021.

1. prepaid insurance represents a 2 year insurance policy with an effective date of 1/1/22

2. investments are available for sale securities expected to be held for longer than one year, there are no unrealized gains or loss on available for sale securities

3. notes payable isa 6 month note issued on 12/01/21

4. bond payable of $70,000 are due November 30, 2028

5. total stockholders equity: as of 12/31/20: common stock par value $2,300,000 shares authorized 50,000 shares issued at an average issue price of $4.50. the balance in stockholders equity is retained earnings

6. weighted average common shares outstanding is 50,000. no additional shares were issued

Cash AR ADA Inventory Prepaid Insurance Investments 12/31/2021 DR CR 107,000 62,000 5,000 78,000 16,000 83,000 80,000 65,000 100,000 15,000 Land Buildings Equipment AD-Bld 12.000 AD-EQUIP Fianchise Accounts Payable Interest Pay 12,000 24,000 1,000 Salaries Pay Income tax payable Note Payable Bond Payable Total Stockholders Equity Dividends Revenue 2,000 23,000 14,000 70,000 396,000 85,000 314,000 Olid Save and Suburitto 12,000 Franchise Accounts Payable Interest Pay Salaries Pay Income tax payable Note Payable Bond Payable Total Stockholders Equity Dividends Revenue Rent Revenue COGS 12,000 24,000 1,000 2,000 23,000 14,000 70,000 396,000 85,000 Selling expenses Administrative Exps Interest Expense Pestructuring Costs Income Tax Exp Loss on Sale 314,000 38,000 140,000 26,000 16,000 1,000 15,000 23,000 5,000 914,000 914,000 Additional information Click Save and Submit to save and submit Click Save All Answers to save