Part III. Decision Case Bob Davidson, the owner of Fat Cat Furniture, has been operating the company for 10 years. Bob is going to move to another city, so he would like to sell his company for a reasonable price. John Hanke is interested in acquiring Bob's company at a good price after going through the financial statements of the company, Below shows the closing balances of the selected accounts for Fat Cat Furniture and 2019 is a typical year for its operation. Cash.. ..30,660 Accounts payable... .57,960 Selling expense. ....204,708 Sales revenue. ..924,000 Inventory. 49,266 Withdrawal.. .163,800 Sales returns. ..13,020 General expense... .129,780 Salary payable. ..840 Accounts receivable..... ..24,192 Supplies.. ..11,592 Equipment.. .417,690 Note payable.. ...42,000 Unearned service revenue...... ..4,956 Capital ..245,112 Interest expense.... ..4,200 Accumulated depreciation.......166,740 Cost of goods sold........... ..392,700 Requirements 1. Prepare the multi-step income statement, the statement of owner's equity for the year ended June 30, 2019. 2. At most, John would like to pay 4 times the net income of the company to acquire the business. How much is this price? Please show your computation. 3. The lowest offer Bob will accept is 3 times his ending capital. Compute this amount