Question 1 (30 marks) Nathan New started a business, Nothing New, a proprietorship, in 2016. Nothing New used the periodic inventory system. Nothing New's accounts included the following at July 31, 2018: Accounts Payable Accounts Receivable $ 60,000 110,000 Nathan New, Capital Nathan New, Withdrawals $ 241,800 50,000 Accumulated Amortization, Purchases Fumiture 80,000 1,200,000 Bank Loan, Long Term 130,000 Salary Payable 15,000 Cash 20,000 Sales Discounts 30,000 Fumiture 320,000 Sales Returns & Allowances 40,000 General Expenses 200,000 Sales Revenue 2,000,000 Interest Expense 8,000 Selling Expenses 400,000 Interest Payable 1,000 Supplies 20,000 Interest Revenue 200 Unearned Sales Revenue T10,000 Inventory, July 1, 2018 140,000 Required: A. Prepare a single-step income statement for Nothing New at year-end July 31, 2018 Inventory was valued at $200,000 at July 31, 2018, based on a physical count B. Prepare the statement of owner's equity for Nothing New at July 31, 2018. C. Prepare a classified balance sheet for Nothing New at July 31, 2018.