Part 2 Instructions: The balances listed below are for December 31 and already include the joumal entries you just Page 2 prepared except for the stockholders' equity accounts. The balances listed for the stockholders' equity accounts are the January 1 balances. You will need to utilize the journal entries you just prepared to complete the Statement of Stockholders' Equity. Prepare a multistep income statement, a statement of stockholders' equity, and a classified balance sheet in good form for the year ended December 31, 20X1. Use the Student Input Form (Excel File) to complete the Financial Statements Cash Accounts receivable Debit Credit 240,000 159,000 Allowance for doubtful accounts 8,000 Equity Investments at cost 40,000 Valuation allowance for Equity Investments 4,000 Merchandise inventory at lower of cost (FIFO) or market 16,000 Prepaid expenses 2,400 Interest receivable 1,600 Investment in Masco Company stock 12,000 Store buildings and equipment 244,000 Accumulated depreciation-store buildings and equipment 120,000 Accounts payable 68,920 Income tax payable 2,000 Bonds payable, 10%, due in 10 years 80,000 Premium on bonds payable Retained earnings, January 1, 20X1 4,000 182,440 Cash dividends, January 1, 20X1 balance 0 Stock Dividends, January 1, 20X1 balance 0 Common stock, $10 par (100,000 shares authorized; 8800 shares outstanding), January 1, 20X1 88,000 Paid-in capital in excess of par-common stock, January 1, 20X1 Paid-in capital from sale of treasury stock, January 1, 20X1 Treasury stock, January 1, 20X1 Sales 8,800 0 0 560,000 Gain from sale of investment Unrealized gain(loss) on Equity Investments Dividend revenue Interest revenue Income of Masco Company Cost of goods sold Advertising expense Miscellaneous selling expenses Sales commissions Office rent expense Office salaries expense Miscellaneous administrative expenses Interest expense Income tax expense 800 7,680 640 2,160 16,000 320,000 $8,000 Depreciation expense-store buildings and equipment 5,600 4,000 16,000 40,000 48,000 800 4,000 32,000