Instructions The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2018: Cash Accounts receivable Inventory Estimated returns inventory Office supplies Prepaid insurance Office equipment Accumulated depreciation-office equipment Store equipment Accumulated depreciation-store equipment Accounts payable Customer refunds payable Salaries payable Note payable (final payment due 2024) Common stock Retained earnings $ 240,000 966,000 1,690,000 22,500 13,500 8,000 830,000 550,000 3,600,000 1,820,000 326,000 40,000 41,500 300,000 500,000 2,949,100

The folowing selected accounts and their current balances appear in the lodger of Clairemont Co. for the fiscal year ended May 31,2018 : Requlfed: 1. Prepare a multylestep income statement in the Other income and expenses secton ony, ender amounts that represent other expenses as negative numbers using a minus sign. 2. Propare a retained earnings statemene Negabve amound should be holicaled by the minis sign. 3. Prepare a balance sheet assuming that the cument portion of the note porable is ssocod