P21 Jx 2 Listed below are the account balances as of December 31, 20X1 B C D 4 3 Prepare a multistep income statement and a classified balance sheet in good form for the year ended December 31, 20x1. Use the forms provided. 5 6 Account Debit Credit 7 Accounts payable 443,050 8 Accounts receivable 900,000 9 Accumulated depreciation-store buildings and equipment 675,000 10 Advertising expense 45,000 11 Allowance for doubtful accounts 45,000 12 Bonds payable, 5%, due 20XX 510,000 13 Cash 1,350,000 14 Common stock, $10 par (100,000 shares authorized; 49500 shares outstanding) 720,000 15 Cost of goods sold 1,800,000 16 Depreciation expense-Admin buildings and equipment 225,000 17 Depreciation expense-store buildings and equipment 18 Discount on bonds payable 31,500 10,000 19 Dividend revenue 20 Income from Masco Co. investments 21 Income tax expense 22 Income tax payable 23 Interest expense 24 Interest receivable 8,100 90,000 180,000 15,000 22,500 9,000 25 Interest revenue 26 Investment in Masco Company stock 27 Loss from sale of equipment 12,150 67,500 4,500 28 Merchandise inventory at lower of cost (FIFO) or market 90,000 29 Miscellaneous administrative expenses 30 Miscellaneous selling expenses 31 Office salaries expense 32 Paid-in capital from sale of treasury stock 33 Paid-in capital in excess of par-common stock 34 Prepaid expenses 4,500 22,500 270,000 3,375 72,000 13,500 1,580,175 3,150,000 35 Retained earnings 36 Sales 37 Sales commissions. 38 Store buildings and equipment 39 Trading Investments 40 Treasury stock 41 Unrealized gain(loss) on Trading Investments 42 Valuation allowance for Trading Investments Data 90,000 1,372,500 225,000 8,100 43,200 18,000 Income Statement Form Balance Sheet Form +