NOTE: All expense accounts with the word Sales in the title are selling expenses. Nonban Puppets Corp. Adjusted Trial Balance (Partial) For the Year Ending December 31, 2017 246,000 Ending bal. 978,500 Ending bal. 3,200,950 Beginning bal. 76,500 2,750,000 Common Stock ($2 par value) 2 APIC -- Common 3 Retained Earnings 4 Dividends 5 Sales Revenue 6 Sales Discounts .7 Sales Returns and Allowances 18 COGS 19 Sales Salaries Expense 20 Sales Advertising Expense 21 Sales Commission Expense 22 Sales Supplies Expense 23 Depreciation Expense- Sales Fixtures 24 Office Salaries Expense 25 Rent Expense 26 Utilities Expense 27 Office Supplies Expense 28 Depreciation Expense -- Office Equipment 29 Insurance Expense 30 Interest Expense 31 Interest Income 32 Dividend Income 33 Loss on Disposal of Plant Assets 34 Unrealized Holding Loss - Trading securities 35 31,200 13,400 1,381,100 114,100 270,200 121,500 57,900 26,300 297,100 98,000 41,800 39,900 82,600 41,200 23,750 34,500 12,300 100,500 8,600 Nonban Puppets Corp, needs help creating its multiple-step income statement, a statement of stockholders' equity, and closing entries for the year ending December 31, 2017. On the following page is a portion of Nonban's Adjusted Trial Balance as of December 31, 2017. Additional information about the firm's activities during the year are as follows: 1 Nonban operates under a 30% tax rate. 2 Nonban started the year with 25,000 shares of $2 par value common stock and a beginning balance in APIC Common of $292,500. On January 1, 2017, the company issued an additional 98,000 shares of common stock for $9 per share. EPS should be calculated based on the number of common shares on hand after the new stock is issued on January 1, 2017 3. INSTRUCTIONS: a. Prepare a properly formatted and labeled multiple step income statement and statement of stockholders! equity for Nonban for the year ended December 31, 2017 b. Prepare the entire set of closing entries for Nonban for the year ended December 31, 2017. NOTE: To complete the closing entries, you will need to calculate and close out the balance for Income Tax Expense, an account that is not included in the trial balance. There is no need for a journal entry for this amount