Multistep Income Statement & Balance Sheet

Below is a trial balance as of 12-31-2019 for Richmond Field Inc. Trial Balance Dr. C. 1,000,000 3,100,000 1,900,000 7,500,000 2,500,000 475,000 Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Accounts payable and accrued liabilities Income taxes payable Bonds payable Deferred income tax liability Common stock Additional paid-in capital Retained earnings, 1/1/18 Sales Sales returns and allowances Rental income Dividend income Cost of goods sold Salary expenses All other employee expenses Advertising expense Insurance expense Travel expenses All other expenses Loss on discontinued division 200,000 115,000 2,000,000 2,000,000 2,100,000 16,000,000 150,000 225,000 50,000 9,200,000 1,600,000 515,000 130,000 120,000 40,000 50,000 360.000 25,665,000 25,665,000 Income tax rate is 20% and tax has not been Induded in trial balance Problem 1 Prepare a multiple step income statement for 2019 for Richmond Field. The tax rate is 20% Problem 2 Prepare a balance sheet as of 12/31/19 for Richmond Field Inc