MAK BOOK Service Corrected Balance sheet For Year ended December 31 Assets Liabilities Current asset Cash Account Receivable Supplies Prepaid Insurance Total Current Asset 7,500.00 1,500.00 Current Liabilities: Account Paya $ Wage Payabli S Total Liabilities $ 7,170.00 $ 10,000.00 $ 2,590.00 $ 800.00 $ 9,000.00 9 $ 43,700.00 2 Property Plant and Equipment 3 Land 4 Building 15 Less Depr $(12,525.00) $ 16 Equipment . 17 Less Depr 18 Total Property Plant and Equipment 00.00 31,175 Stockholder's Equity Common Stock $ 86,645.00 Retaind Earning $ 2,000.00 Total Shareholder's Equity 0 $ 88,645.00 $ 17,340.00) $ 1.9 8 A reholder's Equity and Liabilities $ 97,645.00 2. Prepare a multiple-step income statement for Armstrong Co. from the following data for the year ended December 31. Sales, $755,000; cost of merchandise sold, $330,000; administrative expenses, $35,000; interest expense, $30,000; rent revenue, $25,000; selling expenses, $50,000