III.(31 points) iConnect Company is a merchandise company, which buys and sells electronic accessories. The following amounts were taken from its pre-closing trial balance (in dollar) as of December 31, 2017. Prepare its relevant financial statement(s) and answer questions below. Accounts payable Accounts receivable Cash Common stock Cost of goods sold Income tax expense Insurance expense Interest expense Interest payable 18,000 Inventory 56,000 Land 2,500 | Notes payable (due in 2030) 45,000 Other operating expenses 42,000 Prepaid insurance 1,500 Retained earnings (as of 12/31/2016) 1,000 Revenue 1,700 Salary expense 500 Unearned revenue 15,000 25,000 10,000 3,500 800 12,500 67,000 11,000 7,000 Required 1: Prepare a financial statement, in a good format, to determine how and whether the company was profitable for year 2017. Was the company profitable in 2017? Required 2: Prepare a financial statement to capture the financial position of the company at the end of year 2017. Who had more claims of the company's assets, its creditors or the owners