Required: Prepare financials statements using Multi-step Income statement and Classified Balance Sheet Formats for Dec. 31, 20XX. Proper formatting required and points may be taken for incorrect formatting. Note that Meneghan Enterprises has authorized 200,000 shares of $2 par value common stock. They have issued 20,000 shares of the common stock. (These are official documents, so please make sure you put proper headings on each statement). Account Debit Credit Cash 22,252 Accounts Receivable 17,100 Allowance for Bad Debts 2,400 Supplies Inventory 3,200 Merchandise Inventory 17.600 Prepaid Insurance 9,200 Equipment 75,836 Accumulated Depreciation - Equipment 7,400 Office Equipment 30,739 Accumulated Depreciation - Office Equipment 17,130 Building 154,300 Accumulated Depreciation - Building 20,150 Accounts Payable 2.754 10.700 Wages Payable Interest Payable 59 Unearned Service Revenue 300 Long-term Notes Payable (21,000 Common Stock - $2 par 40,000 Additional Paid in Capital - Common 80,000 Retained Earnings 56,750 Treasury stock (5,000 shares) 12,000 Sales Revenues 330,262 Cost of Goods Sold 95,081 Wages Expense 68.400 Rent Expense 20,500 Insurance Expense 400 Supplies Expense 28,400 Utilities Expense 20,150 Advertising Expense 8,125 Depreciation Expense 11,630 Bad Debts 2,400 Interest Expense 1592 Totals $588,905 $588.905