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, 20Y7: $570,700 Retained Earnings $129,500 Cash 77,500 Dividends 345,300 Accounts Receivable 4,742,900 Sales 393,600 Inventory 2,743,400 Cost of Goods Sold Estimated Returns Inventory 5,000 771,500 Sales Salaries Expense Office Supplies 12,200 212,200 Advertising Expense 9,400 Prepaid Insurance Depreciation Expense- Office Equipment 285,000 41,300 Store Equipment Accumulated Depreciation- 18,100 Miscellaneous Selling Expense 193,70 Office Equipment 421,200 Office Salaries Expense 889,500 Store Equipment Accumulated Depreciation- 62,200 Rent Expense 285,000 Store Equipment Depreciation Expense- Accounts Payable 197,200 31,100 Office Equipment 19,300 10,000 Insurance Expense Customer Refunds Payable Office Supplies Expense 11,400 12,600 Salaries Payable Note Payable 8,300 Miscellaneous Administrative Exp. 415,000 (final payment due 2024) 12,600 Interest Expense 72,500 Common Stock Required: 1. Prepare a multiple-step income statement. anduny Income Statement For the Year Ended June 300, 20Y7 Expenses: Selling expenses: %24 Total selling expenses Administrative expenses: Total administrative expenses Total operating expenses 2. Prepare a statement of stockholders' equity. Addition al common stock of $7,500 was issued during the vear en Kannir Co 2. Prepare a statement of stockholders' equity. Additional common stock of $7,500 was issued during the year ended June 30, 20Y7. CON Statement of Stockholders' Equity For the Year Ended June 30, 20Y7 Retained Earnings Total Common Stock 3. Prepare a balance sheet, assuming that the current portion of the note payable is $20,750. KANPUR CO. Balance Sheet June 30, 2OY7 Assets Current assets: 3. Prepare a balance sheet, assuming that the current portion of the note payable is $20,750. Balance Sheet Jena 30, 207 Assets Current assets: Total current assets Property, plant, and equipment: Total property, plant, and equipment Total assets Liabilities Current liabilities: Total current liabilities Long-term liabilities: Total liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity Total current liabilities Long-term liabilities: Total liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity 4. Which type of income statement shows intermediate balances