Part 2: Answer the following question. Submit this portion of the midterm as a Word document or Excel spreadsheet. This part has 10 possible points.

The following is the trial balance for Conglomerate, Inc.:

Conglomerate, Inc. Trial Balance For the Year Ended December 31, 2015

	Dr	Cr
Cash	$70,250
Accounts Receivable	20,960
Equipment	45,000
Accumulated Depreciation		6,500
Accounts Payable		22,250
Long-term Debt	20,000
Common Stock		60,760
Dividends	4,500
Retained Earnings		0
Sales Revenue		87,000
Salary Expense	38,650
Operating Expense	12,150
Interest Expense	5,000
	196,510	196,510

Prepare an Income Statement, Statement of Changes in Stockholders Equity and a Balance Sheet. (Assume that the company issued $60,760 of common stock on January 2, 2015. The business started on January 2, 2015).