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Problem 1 Mumbo Jumbo Motel Corporation provided following information. Please prepare the Balance sheet and the Profit & Loss Statement in proper format from the information below: Sales $240,000 Cash $10,000 Account Payable $30,000 Cost of Goods Sold $ 192,000 Accounts Receivable $68,000 Interest Expenses $3,240 Accrued Expenses $6,000 Inventory $44,000 Gross Profit $48,000 Building $50,000 Notes Payable (short term) $14,000 Operating Expenses $39,000 Prepaid Expenses $4,000 Retained Earnings $63,000 Operating Profit $9,000 Net Income $4896 Long Term Debt $36,000 Taxes $864 Common Stock $25,000 Net Income before taxes $5760