Problem 9-25A Multistep income statement and classified balance sheet LO 9-6 Required Use the following information to prepare a multistep income statement and a classified balance sheet for Eller Equipment Co. for Year 1. (Hint: Some of the items will not appear on either statement, and ending retained earnings must be calculated.) Salaries expense Common stock Notes receivable (short tern) Allowance for doubtful accounts Accumulated depreciation Notes payable long term) Salvage value of building Interest payable (short tern) Uncollectible accounts expense Supplies Equipment Interest revenue Sales revenue Dividends Warranty expense Interest receivable (short term) $113,000 Beginning retained earnings 101.000 Warranties payable (short tern) 23,500 Gain on sale of equipment 10,000 Operating expenses 57,000 Cash flow from investing activities 151,000 Prepaid rent 12,000 Land 7.000 Cash 36,000 Inventory 5,600 Accounts payable 225,900 Interest expense 5,300 Salaries payable 922,000 Unearned revenue 11,000 Cost of goods sold 3,300 Accounts receivable 2,700 Depreciation expense $ 52,100 5,600 10,000 56,000 107.000 29,000 86,000 39,900 113,080 46,000 27.000 59,000 38,000 586,000 99,000 2,100 Complete this question by entering your answers in the tabs below. Income Statement Balance Sheet Prepare a multistep income statement for Eller Equipment Co. for Year 1. (Amounts to be deducted should be indicated with a minus sign minus sign.) ELLER EQUIPMENT CO. Income Statement For the Year Ending December 31, Year 1 0 Operating expenses Total operating expenses 0 0 Non-operating items Total non-operating items 0 0 Income Statement Balance Balance Sheet As of December 31, Year 1 Assets 0 0 Total current assets Property, plant and equipment 0 0 $ 0 Total property, plant and equipment Total assets Liabilities and Stockholders' Equity Current liabilities 0 Total property, plant and equipment Total assets Liabilities and Stockholders' Equity Current liabilities $ 0 0 Total current liabilities Long-term liabilities 0 Total long-term liabilities Total liabilities Stockholders' equity 0 0 Total stockholders' equity Total liabilities and stockholders' equity $ 0