Required information P5-6 (Algo) Preparing Both an Income Statement and a Balance Sheet from a Trial Balance LO5-3 [The following information applies to the questions displayed below.] Jordan Sales Company (organized as a corporation on April 1, 2017) has completed the accounting cycle for the second year, ended March 31, 2019. Jordan also has completed a correct trial balance as follows: Credit Debit $ 58,800 49,100 1,900 34,400 $ 13,000 4,000 JORDAN SALES COMPANY Trial Balance At March 31, 2019 Account Titles Cash Accounts receivable Office supplies inventory Automobiles (company cars) Accumulated depreciation, automobiles Office equipment Accumulated depreciation, office equipment Accounts payable Income taxes payable Salaries and commissions payable Note payable, long-term Capital stock (par $1; 32,700 shares) Paid-in capital Retained earnings (on April 1, 2018) Dividends declared and paid during the current year Sales revenue Cost of goods sold Operating expenses (detail omitted to conserve time) Depreciation expense (on autos and including $600 on office equipment) Interest expense Income tax expense (not yet computed) Totals 1,300 21,900 0 1,300 32,800 32,700 4,900 6,900 10,500 103,300 32,100 18,800 7,900 600 $218,100 $218,100 Required: Complete the financial statements as follows: a. Classified (multiple-step) income statement for the reporting year ended March 31, 2019. Include income tax expense, assuming a 35 percent tax rate. (Round your "Earnings per share" to 2 decimal places.) P5-6 Part b b. Classified balance sheet at the end of the reporting year, March 31, 2019. Include (1) income taxes for the current year in Income Taxes payable and (2) dividends in Retained earnings. (Amounts to be deducted should be indicated by a minus sign.)