QUESTION #2 The following balances were taken from the books of Pina Colada Corp. on December 31, 2017. Prepare a multiple-step income statement and a classified balance sheet for the company. 100,000 shares of common stock were outstanding during the year. Interest revenue Cash Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Buildings Cost of goods sold Accumulated depreciation equipment $ 86,000 Accumulated depreciation-buildings $ 28,000 51,000 Notes receivable 155,000 1,280,000 Selling expenses 194,000 150,000 Accounts payable 170,000 20,000 Bonds payable 100,000 150,000 Office expenses 97,000 7,000 Accrued liabilities 32,000 45,000 Interest expense 60,000 100,000 Notes payable 100,000 200,000 140,000 621,000 Common stock 119,000 40,000 Retained earnings 21,000