Need help with Income Statement

Part 2 Instructions: Page 2 The balances listed below are for December 31 and already include the journal entries you just prepared except for the stockholders' equity accounts. The balances listed for the stockholders' equity accounts are the January 1 balances. You will need to utilize the journal entries you just prepared to complete the Statement of Stockholders' Equity. Prepare a multistep income statement, a statement of stockholders' equity, and a classified balance sheet in good form for the year ended December 31, 20X1. Use the Student Input Form (Excel File) to complete the Financial Statements Credit Debit 510,000 339,000 17,000 85,000 8,500 34,000 5,100 3,400 25,500 518,500 255,000 149,830 2,000 170,000 8,500 387,685 0 0 187,000 Cash Accounts receivable Allowance for doubtful accounts Equity Investments at cost Valuation allowance for Equity Investments Merchandise inventory at lower of cost (FIFO) or market Prepaid expenses Interest receivable Investment in Masco Company stock Store buildings and equipment Accumulated depreciation-store buildings and equipment Accounts payable Income tax payable Bonds payable, 10%, due in 10 years Premium on bonds payable Retained earnings, January 1, 20X1 Cash dividends , January 1, 20X1 balance Stock Dividends, January 1, 20X1 balance Common stock, $10 par (100,000 shares authorized; 18700 shares outstanding), January 1, 20X1 Paid-in capital in excess of parcommon stock, January 1, 20X1 Paid-in capital from sale of treasury stock, January 1, 20X1 Treasury stock, January 1, 20X1 Sales Gain from sale of investment Unrealized gain(loss) on Equity Investments Dividend revenue Interest revenue Income of Masco Company Cost of goods sold Advertising expense Depreciation expense-store buildings and equipment Miscellaneous selling expenses Sales commissions Office rent expense Office salaries expense Miscellaneous administrative expenses Interest expense Income tax expense 18,700 0 1,190,000 1,700 16,320 1,360 4,590 34,000 680,000 $17,000 11,900 8,500 34,000 85,000 102,000 1,700 8,500 68,000 A 57 58 59 60 61 62 63 64 65 66 67 68 69 Page 5 70 71 72 73 ABC Corporation, Inc. Income Statement For the Year Ended December 31, 20X1 (27 points) 74 75 76 77 78 79 80 91 82 93 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 STATEMENT OF STOCKHOLDERS' EQUITY AND BALANCE SHEET FORMS ON NEXT TABS BELOW