Required Use the following information to prepare a multistep income statement and a classified balance sheet for 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 Beginning retained earnings 103,000 Warranties payable (short term) $ 54,100 5,800 ces Notes receivable (short term) Allowance for doubtful accounts Accumulated depreciation Notes payable (long term) Salvage value of building Interest payable (short term) Uncollectible accounts expense Supplies Equipment Interest revenue 25,580 Gain on sale of equipment 12,000 Operating expenses 59,000 Cash flow from investing activities 153,000 Prepaid rent 14,000 Land Inventory 12,000 58,000 109,000 31,000 88,000 9,000 Cash 50,700 38,808 102,000 5,888 Accounts payable 48,000 229,780 Interest expense 29,000 5,500 Salaries payable 61,000 Sales revenue Dividends Warranty expense 926,000 Unearned revenue 40,000 13,000 Cost of goods sold 588,000 8,588 Accounts receivable 101,000 Interest receivable (short term) 2,988 Depreciation expense 2,300 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. Note: Amounts to be deducted should be indicated with a minus sign. ELLER EQUIPMENT COMPANY Balance Sheet As of December 31, Year 1