Preparation of Financial Statements Spring 2019 Parker Company has the following ledger accounts and adjusted balances as of December 31, 2018. All accounts have normal balances. Parkers income tax rate is 40%. Parker has 300,000 shares of $10 par Common Stock authorized. You will need to determine the number of shares issued and the number of shares outstanding for your balance sheet. Accounts Payable. 36,000 Accounts Receivable 270,000 Accumulated Depreciation-Building 75,000 Administrative Expenses. 60,000 Allowance for Doubtful Accounts 33,000 Bonds Payable (Mature 2020). 440,000 Building 600,000 Cash. 39,000 Common Stock 487,500 Cost of Goods Sold. 570,000 Discount on Bonds Payable. 65,000 Dividends 30,000 Income from Operations of Division X.. 75,000 (Division X is a component of Barker Company) Interest Revenue.. 15,000 Inventory.. 420,000 Land. 300,000 Loss from Fire...... 105,000 Loss from Sale of Division X........................... 135,000 (Division X is a component of Barker Company) Paid-In Capital in Excess of Par.. 112,500 Patent 45,000 Prepaid Rent. 15,000* Retained Earnings, January 1, 2018.375,000 Sales Discounts. 45,000 Sales Revenue.. 1,395,000 Selling Expenses. 195,000 *Two years rent paid in advance for offsite document storage. Instructions: Use this information to prepare a multiple-step income statement and a classified balance sheet.