Reading Readiness, Inc. has provided you its list of accounts and balances as of January 31 . The Controller has asked you to prepare an Income Statement for the month ended January 31. Use the information included in the Excel Simulation and the Excel functions described below to complete the task. The company reports "contra revenues" and calculates "Net Sales" on the income statement. - Cell Reference: Allowrs you to refer to data from another cell in the worksheet. From the Excel Simulation below, if in a blank cell, "=B5" was entered, the formula would output the result from cell B5, or $37,500 in this example. - Bosic Math functions: Allows you to use the bask math symbols to perform mathematical functions. You can use the following keys: + (plus sign to add). - (minus sign to subtract). " (asterisk sign to multiply), and/ (forward slash to divide). From the ExceSimulation below, if in a blank cell " =C11+C12" was entered, the formula would add the values from those cells and output the result, or 28,800 in this example. If using the other math symbols the result would output an appropriate answer for its function. - SUM function: Allows you to refer to multiple cells and adds all the values. You can add individual cell references or ranges to utilize this function. From the Excel Simulation below, if in a blank cell *=SUM(C11,C12.C13) was entered, the formula would output the result of adding those three separate cells, or 103,800 in this example Similarly, if in a blank cell "=SUM(C11:C13) was entered, the formula would oulput the same result of adding those cells, except they are expressed as a range in the formula, and the result would be 103,800 in this example. - IF function: Allows you to test a condition and return a specific value if the result is true and different value if the result is false. You will use the IF function in the formula for Cell A52 to identify whether the wording will be "Net licome" or "Net Loss" based on the amount in Cell B52. The formula you will use =1F(B52>0, Net income:" Net Loss") Noodles Unlimited, Inc sells swmming pool gos. The following adjusted trial balance is for the year ended December 31, 2001. Required: 1. Prepare a multistep income statement that would be used for internal reporting purpotes. Note: When more than one correct occount could oppeor in o cell blat items in order of lorgest to smallest dollor amounts. Use cell refermcing to select occount btles and values. 00 A. numbers should oppear os positve numbers. 1. 2fter entering the formula in cell B52, use the Excel If function to label cell A52 as ether 1. Prepare a multistep income statement that would be used for internal reporting purposes. Note: When more than one correct occount could appear in a cell, list items in order of largest to fimallest dollor amounts. Use cell referencing to sefect account titles and values. All numbers should oppeor as positive numbers. 2. After entering the formula in cell B52, use the Excel If function to label cell A52 as either "Net Income" or "Net Loss" as appropriate based on the value calculated in cell B52