Prepare a multiple-step income statement in good form.

Calculate retained earnings as of December 31

Prepare a classified balance sheet in good form.

Thornhill Company Trial Balance as of December 31, 2016 Account Title Cred Debit 1,000,000.00 8 Preferred Stock Accounts Payable 120,000 Accounts Receivable 300,000 Accumulated Depreciation: building 970.000 Accumulated Depreciation: equipment 3,550,000 Administrative Expenses 400,000 Bond Payable 4,000,000 Building 2,000,000 Cash 100,000 Common Stock (200,000 shares outstanding) 5,550.000 Discount on Bonds Payable 125.000 Dividends 300,000 Equipmen 5.000.000 Franchise 340,000 Freigh 5,000 Goodwil 785.000 Income Taxes Expenses 88,200 income taxes Payable 88,200 Interest Expense 700,000 Inventory 70,000 Investments 1,200,000 Land 800,000 Long-term Notes Payable 2,500,000 Net Sales 5,300,000 Paid-in Capital in excess of par vaiue: common 300,000 Plant Facilities under Construction 8,000,000 epaid Expenses 60,000 Purchase Discounts 65,000 Purchase Returns and Allowances 125,000 Purchases 2,575,000 Retained Earnings 747,500 Selling Expenses 650,000 Item 1 (net of taxes of S24,500) 45,500 Item 2 (net of taxes of $6,000) 14,000 Item 3 (net of taxes of $90,000) 210,000 tem 4 34,000 item 5 (net of taxes of $150,000) 350,000 Item 6 840,000 em 7 10,000 s 24,713,700 24,713,700 Total Thornhill Company Trial Balance as of December 31, 2016 Account Title Cred Debit 1,000,000.00 8 Preferred Stock Accounts Payable 120,000 Accounts Receivable 300,000 Accumulated Depreciation: building 970.000 Accumulated Depreciation: equipment 3,550,000 Administrative Expenses 400,000 Bond Payable 4,000,000 Building 2,000,000 Cash 100,000 Common Stock (200,000 shares outstanding) 5,550.000 Discount on Bonds Payable 125.000 Dividends 300,000 Equipmen 5.000.000 Franchise 340,000 Freigh 5,000 Goodwil 785.000 Income Taxes Expenses 88,200 income taxes Payable 88,200 Interest Expense 700,000 Inventory 70,000 Investments 1,200,000 Land 800,000 Long-term Notes Payable 2,500,000 Net Sales 5,300,000 Paid-in Capital in excess of par vaiue: common 300,000 Plant Facilities under Construction 8,000,000 epaid Expenses 60,000 Purchase Discounts 65,000 Purchase Returns and Allowances 125,000 Purchases 2,575,000 Retained Earnings 747,500 Selling Expenses 650,000 Item 1 (net of taxes of S24,500) 45,500 Item 2 (net of taxes of $6,000) 14,000 Item 3 (net of taxes of $90,000) 210,000 tem 4 34,000 item 5 (net of taxes of $150,000) 350,000 Item 6 840,000 em 7 10,000 s 24,713,700 24,713,700 Total