Multiple-Step Income Statement and Report Form of Balance Sheet The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2018: Cash $119,000 Retained Earnings 524,600 Accounts Receivable 317,400 Dividends 71,300 Inventory 361,800 Sales $4,359,700 Estimated Returns Inventory 22,500 Cost of Goods Sold 2,521,700 Office Supplies 11,200 Sales Salaries Expense 709,100 Prepaid Insurance 8,700 Advertising Expense 195,000 Depreciation Expense- Office Equipment 261,900 Store Equipment 38,000 Accumulated Depreciation- Miscellaneous Selling Expense 16,600 Office Equipment 178,000 Store Equipment 817,700 Office Salaries Expense 387,100 Accumulated Depreciation- Rent Expense 57,200 Store Equipment 261,900 Depreciation Expense- Accounts Payable 181,300 Office Equipment 28,600 Customer Refunds Payable 40,000 Insurance Expense 17,700 Salaries Payable 11,600 Office Supplies Expense 10,500 Note Payable Miscellaneous Administrative Exp. 7,600 (final payment due 2024) 380,000 Common Stock 55,100 Interest Expense 11,600 Required: < 1. Prepare a multiple-step income statement. Clairemont Co. Income Statement For the Year Ended May 31, 2018 Accounts payable Cost of goods sold Insurance expense Inventory Store Equipment Selling expenses: Total selling expenses Administrative expenses: Total administrative expenses Total operating expenses Check My Work X Total administrative expenses Total operating expenses 2. Prepare a retained earnings statement. Clairemont Co. Retained Earnings Statement For the Year Ended May 31, 2018 3. Prepare a balance sheet, assuming that the current portion of the note payable is $19,000. Assets Current assets: Total current assets Property, plant and equipment: Total property, plant and equipment Total assets Liabilities Current liabilities: Clairemont Co. Balance Sheet May 31, 2018 Liabilities Current liabilities: Total current liabilities Long-term liabilities: Total liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity