Part 2: Note: You must complete part 1 before part 2. After all of the transactions for the year ended December 31,20Y5, had been posted [including the transactions recorded in part (1) and all adjusting entriesl, the data that follows were taken from the records of Equinox Products Inc. Office rent expense Office salaries expense Office supplies expense 50,000 Sales Sales commissions expense 170,000 Sales salaries expense 5,254,000 Store supplies expense 185,000 385,000 21,000 Retained earnings and balance sheet data: Accounts payable Accounts receivable $194,300 Accumulated depreciation-office bulidings and equipment 1,580,0004,126,000 Accumulated depreciation-store buildings and equipment Allowance for doubtful accounts Available-for-sale investments (at cost) 260,130 Bonds payable, 5%, due in 10 years 500,000 Cash 246,000 Common stock, $20 par (400,000 shares authorized; 2,000,000 Dividends: Cash dividends for common stock 155,120 Cash dividends for preferred stock 100,000 Goodwill 500,000 Income tax payable 44,000 Interest receivable 1,125 Investment in Pinkberry Co. stock (equity method) 1,009,300 Investment in Dream Inc. bonds (long term) 90,000 Merchandise inventory (December 31, 20Y5), at lower of cost (FIFO) or market 778,000 Office buildings and equipment 4,320,000 Paid-in capital from sale of treasury stock 13,000 Excess of issue price over par-common stock 886,800 Excess of issue price over par-preferred stock 150,000 Preferred \$1 stock, $80 par (30,000 shares authorized; 20,000 shares issued) 1,600,000 Premium on bonds payable 19,000 Prepaid expenses 27,400 Retained earnings, January 1,20y5 9,319,725 On your own paper, in the working papers, or using a spreadsheet, prepare the following: a. Prepare a multiple-step income statement for the year ended December 31,20Y, concluding with earnings per share. In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were $100,000. (Round earnings per share to the nearest cent.) Save your calculations and enter the requested. amounts below. b. Prepare a retained earnings statement for the year ended December 31,205. Save your calculations and enter the requested amounts below. c. Prepare a balance sheet in report form as of December 31, 20y5. Save your calculations and enter the requegted amounts belown If required, only use the minus sign to indicate loss before income tax, net loss, of a deficit balance in retained eamings. Gross profit Gross profit Total selling expenses Total administrative expenses Total operating expenses Income from operations Net other expenses and income Income tax Net income Earnings per common share (rounded to the nearest cent) Retained earnings, January 1,20Y5 Total current assets Investment in Dream Inc. bonds Total property, plant, and equipment Total assets Total current liabilities Net long-term liabilities Total liabilities Total paid-in capital preferred 51 stock Retained earnings, January 1,20 Y 5 Total current assets Investment in Dream Inc. bonds Total property, plant, and equipment Total assets Total current liabilities Net long-term liabilities Total liabilities Total paid-in capital preferred $1 stock Total paid-in capital common stock, \$20 par Total paid-in capital Retained earnings, December 31, 20y5 Total stockholders' equity