Q#3 PART-II The following is a list of financial statement items and amounts from a recent income statement and balance sheet of Basic Corporation. All accounts have normal balances. The company's year ended on December 31, 2010. Using the information provided below, prepare in good form a multistep income statement for the year ended December 31. 2010. Financial Statement Item Accounts Payable Amount $ 41,000 Accounts Receivable 262,000 Accrued Expenses Payable 37,000 Cash and Cash Equivalents 125,000 Contributed Capital 150,000 Cost of Sales 350,000 General and Administrative Expenses 75,000 Income Tax Expense 32,000 Intangible Assets, Net 85,000 Interest and Other Income, Net 10,000 Inventory 167,000 Notes Payable (due In 2012) 433,000 Other Current Assets 5,000 Other Current Liabilities 89,000 Other Noncurrent Assets 15,000 Prepaid Expenses 31,000 Property, Plant and Equipment, Net 184,000 Research and Development Costs 250,000 Retained Earnings 161,000 Sales and Service Revenues 943.000 Selling Expenses Short-Term Investments 125,000 $7,000