Multiple-Step Income Statement and Balance Sheet The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 20Y5: Cash $119,700 Gerri Faber, Drawing $71,700 Accounts Receivable 312,500 Sales 4,327,700 Merchandise Inventory 363,850 Cost of Merchandise Sold 2,536,000 Office Supplies Prepaid Insurance Office Equipment 11,300 Sales Salaries Expense 713,100 8,700 Advertising Expense 196,100 263,400 Depreciation Expense-Store Equipment 38,200 Accumulated Depreciation-Office Equipment 179,000 Miscellaneous Selling Expense 16,700 Store Equipment Accumulated Depreciation-Store Equipment Accounts Payable 822,300 Office Salaries Expense 389,300 263,400 Rent Expense 57,500 182,300 Insurance Expense 17,800 Customer Refunds Payable 28,700 Depreciation Expense-Office Equipment 28,700 Salaries Payable 11,600 Office Supplies Expense 10,600 Note Payable (final payment due in eight years). 382,500 Miscellaneous Administrative Exp. 7,600 Gerri Faber, Capital 621,450 Interest Expense 11,600 Required: Required: 1. Prepare a multiple-step income statement. Expenses: Selling expenses: Total selling expenses Administrative expenses: Kanpur Co. Income Statement For the Year Ended June 30, 2015 Total selling expenses Administrative expenses: Total administrative expenses Total operating expenses 2. Prepare a statement of owner's equity. Kanpur Co. Statement of Owner's Equity For the Year Ended June 30, 2015 2. Prepare a statement of owner's equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is $15,300. 3. Prepare a balance sheet, assuming that the current portion of the note payable is $15,300. Assets Current assets Total current assets Property, plant, and equipment: Total property, plant, and equipment Kanpur Co. Balance Sheet June 30, 2015 E Total property, plant, and equipment Total assets Uabilities Current liabilities Total current liabilities Long-term liabilities: Total liabilities Owner's equity Total liabilities and owner's equity 4. Which type of income statement shows intermediate balances?