Parson Company has the following ledger accounts and adjusted balances as of December 31, 2019. All accounts have normal balances. Parson's income tax rate is 20%. Parson has 300,000 shares of S10 par Common Stock authorized Accounts Payable 78,000 Accounts Receivable. 340,000 Accumulated Depreciation Building, 150,000 Accumulated Depreciation Equipment.. 120,000 Administrative Expenses. 120,000 Allowance for Doubtful Accounts. 60,000 Bonds Payable. 500,000 Building. .1.500.000 Cash. 278,000 Common Stock 800.000 Cost of Goods Sola .1.140,000 Dividends... 40,000 Equipment... 580,000 Income from Operations of Division X...... 120,000 (Division X is a component of Parker Company) Interest Revenue. 80.000 Inventory.. .840,000 Land (held for future use). 600.000 Land (used for building). 330,000 Loss from Sale of Division X.... .240,000 (Division X is a component of Parker Company) Loss on Sale of Investments. 30,000 Mortgage Payable 750,000 Paid-In Capital in Excess of Par ..448,000 Premium on Bonds Payable 20,000 Prepaid Insurance 30.000** Retained Earnings, January 1, 2019. 750,000 Sales Discounts... 60,000 Sales Returns and Allowances. .100.000 Sales Revenue... -3,070,000 Selling Expenses 390,000 Trademark. 90,000 *50,000 of the principal comes due in 2020. **Two years insurance paid in advance. Instructions: Use this information to prepare a multiple-step income statement, a retained earnings statement, and a classified balance sheet