prepare a multiple step income statement, statment of stockholders equity, prepare a balance sheet assuming that the current portion of the note payable is $55,000.

The following selected accounts and their current balances appear in the ledger of Claremont Co. for the fiscal year ended May 31, 2012 $241,300 975,200 1,810.700 21,000 22,300 11,400 833.700 540,000 3,606,400 1,822,200 364,600 40.600 42,700 317,000 495,100 Cash Accounts receivable Inventory Estimated returns inventory Office supplies Prepaid insurance Office equipment Accumulated depreciation office equipment Store equipment Accumulated depreciation-store equipment Accounts payable Customer refunds payable Salaries payable Note payable (final payment due in 6 years) Common stock Retained earnings Dividends Sales Cost of goods sold Sales salaries expense Advertising expense Depreciation expense-store equipment Miscellaneous selling expense Office salaries expense Rent expense Depreciation expense-office equipment Insurance expense Office supplies expense Miscellaneous administrative expense Interest expense 3,010,700 97,100 11,371,300 7,854,900 917,700 542,000 148,000 46,800 654,600 91,700 43,600 42,400 22,800 6,600 14,000 Labels Administrative expenses Current assets Current liabilities For the Year Ended May 31, 20Y2 Long-term liabilities May 31, 20Y2 Operating expenses Other revenue and expense Property, plant, and equipment Selling expenses Amount Descriptions Balances, June 1, 2011 Balances, May 31, 2012 Book value-office equipment Book value-store equipment Dividends Gross profit Issued common stock Net income Net loss Note payable (current portion) Operating income Total administrative expenses Total assets Total current assets Total current liabilities Total liabilities Total liabilities and stockholders' equity Total operating expenses Total property, plant, and equipment Total selling expenses Total stockholders' equity