Required Prepare a multistep income statement for Eller Equipment Company for Year 1. Prepare a classified balance sheet for Eller Equipment Company for Year 1. Complete this question by entering your answers in the tabs below. Income Statement Balance Sheet Prepare a multistep income statement for Eller Equipment Company for Year 1. ELLER EQUIPMENT COMPANY Multistep Income Statement For the Year Ended December 31, Year 1 Operating expenses Total operating expenses Non-operating Items Total non-operating items 0 Required Prepare a multistep income statement for Eller Equipment Company for Year 1. Prepare a classified balance sheet for Eller Equipment Company for Year 1. Complete this question by entering your answers in the tabs below. Income Statement Balance Sheet Prepare a classified balance sheet for Eller Equipment Company for Year 1. (Enter the assets in the order of their liquidity.) ELLER EQUIPMENT COMPANY Balance Sheet As of December 31, Year 1 Assets Current assets Cash Accounts receivable Less: Allowance for doubtful accounts Interest receivable (short term) Inventory Prepaid rent Supplies Notes receivable (short term) Total current assets Property, plant and equipment Equipment Less: Accumulated depreciation Land Total property, plant and equipment Total assets 0 $ 0 0 $ 0 Liabilities Current liabilities Total current liabilities Long-term liabilities Total long-term liabilities Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity < Income Statement $ 0 0 0 0 $ Balance Sheet The following information pertains to Eller Equipment Company for Year 1. (Hint. Some of the items will not appear on either statement, and ending retained earnings must be calculated.) Salaries expense Common stock $115,000 103,000 Beginning retained earnings Warranties payable (short term) $ 54,100 5,800 Notes receivable (short term) 25,500 Gain on sale of equipment 12,000 Allowance for doubtful accounts 12,000 Operating expenses 58,000 Accumulated depreciation 59,000 Cash flow from investing activities 109,000 Notes payable (long term) 92,650 Prepaid rent 31,000 Salvage value of building 14,000 Land 88,000 Interest payable (short term) 9,000 Cash 50,700 Uncollectible accounts expense 38,000 Inventory 102,000 Supplies 5,800 Accounts payable 48,000 Equipment 169,350 Interest Expense 29,000 Interest revenue 5,500 Salaries payable 61,000 Sales revenue 926,000 Unearned revenue 40,000 Dividends 13,000 Cost of goods sold 588,000 Warranty expense 8,500 Accounts receivable 101,000 Interest receivable (short term) 2,900 Depreciation expense 2,300 Required Prepare a multistep income statement for Eller Equipment Company for Year 1. Prepare a classified balance sheet for Eller Equipment Company for Year 1