Multiple-step income statement and balance sheet Instructions Labels and Amount Descriptions !Income Statement Instructions The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 20Y2: Cash Accounts receivable $ 240,000 966,000 Inventory 1,690,000 Estimated returns inventory 22,500 Office supplies 13,500 Prepaid insurance 8,000 Office equipment 830,000 Accumulated depreciation-office equipment 550,000 Store equipment 3,600,000 Accumulated depreciation-store equipment 1,820,000 Accounts payable 326,000 Customer refunds payable 40,000 Salaries payable 41,500 Note navable (final payment due in 6 years) 300.000