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Prepare an income statement and balanibe sheet using the account balances below. 2 Include typical subtotals in the income statement and balance sheet, such as Gross 3 Profit, Operating Profit, and Total Current Assets, Total Equity, etc. 4 5 6 Accounts Payable (35) Accounts Recievable 78 8 Accumulated Depr PP&E (158) 9 Cash 12 10 Cost of Sales 320 11. Current Portion of Long Term Debt 12 Gross Profit B Interest Expense 14 Inventory 68 5 Long Term Debt 150 16 Long Term Note Payable (18) 17 Ne Income from Continuing Operations 98 Net Income Extraordinary Gan inet of taxi 18 20 Harketing Expense 88 21 PPBE 202 23 Rent Expense 12 23 Retained Earnings 55 24 Salary Expense 25 Sales 488 26 Common Stock at Par 18 2 Additional Pas in Catal 159 income Taxes 22 Treasury S1OOK Begage 939 Prepare an income statement and balanibe sheet using the account balances below. 2 Include typical subtotals in the income statement and balance sheet, such as Gross 3 Profit, Operating Profit, and Total Current Assets, Total Equity, etc. 4 5 6 Accounts Payable (35) Accounts Recievable 78 8 Accumulated Depr PP&E (158) 9 Cash 12 10 Cost of Sales 320 11. Current Portion of Long Term Debt 12 Gross Profit B Interest Expense 14 Inventory 68 5 Long Term Debt 150 16 Long Term Note Payable (18) 17 Ne Income from Continuing Operations 98 Net Income Extraordinary Gan inet of taxi 18 20 Harketing Expense 88 21 PPBE 202 23 Rent Expense 12 23 Retained Earnings 55 24 Salary Expense 25 Sales 488 26 Common Stock at Par 18 2 Additional Pas in Catal 159 income Taxes 22 Treasury S1OOK Begage 939