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P5-8B. Preparing a multistep statement of earnings, a statement of retained earnings, and a classified statement of financial position (Learning Objective 6) 25-30 min. The

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P5-8B. Preparing a multistep statement of earnings, a statement of retained earnings, and a classified statement of financial position (Learning Objective 6) 25-30 min. The accounts for the year ended October 31, 2024, for Lake City Industries Inc. are listed next: Requirements 1. Prepare Lake City Industries Inc.'s multistep statement of earnings. 2. Prepare Lake City Industries Inc.'s statement of retained earnings. 3. Prepare Lake City Industries Inc.'s classified statement of financial position in report form

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