Required Use the following information to prepare a multistep income statement and a classified balance sheet for Eller Equipment Co. 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 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 Sales revenue Dividends Warranty expense Interest receivable (short term) $ 111,000 Beginning retained earnings 99,000 Warranties payable (short term) 21,500 Gain on sale of equipment 23,000 Operating expenses 55,000 Cash flow from investing activit 149,000 Prepaid rent 10,000 Land 5,000 Cash 34,000 Inventory 5,400 Accounts payable 222,100 Interest expense 5,100 Salaries payable 918,000 Unearned revenue 24,000 Cost of goods sold 8,100 Accounts receivable 2,500 Depreciation expense Complete this question by entering your answers in the tabs below. Income Statement Balance Sheet Prepare a multistep income statement for Eller Equipment Co. for Year 1. (Amounts to be deducted shoul minus sign.) ELLER EQUIPMENT CO. Income Statement For the Year Ending December 31, Year 1 ion to prepare a multistep income statement and a classified balance Co. for Year 1. (Hint: Some of the items will not appear on either statement, ngs must be calculated.) ct term) I accounts ion erm) ling ct term) 3 expense $111,000 Beginning retained earnings 99,000 Warranties payable (short term) 21,500 Gain on sale of equipment 23,000 Operating expenses 55,000 Cash flow from investing activities 149,000 Prepaid rent 10,000 Land 5,000 Cash 34,000 Inventory 5,400 Accounts payable 222,100 Interest expense 5,100 Salaries payable 918,000 Unearned revenue 24,000 cost of goods sold 8,100 Accounts receivable 2,500 Depreciation expense $ 50, 100 5,400 15,000 54,000 105,000 27,000 84,000 49,100 111,000 44,000 25,000 57,000 36,000 584,000 97,000 1,900 short term) n by entering your answers in the tabs below. le statement for Eller Equipment Co. for Year 1. (Amounts to be deducted should be indicated with a EQUIPMENT CO. me Statement ding December 31, Year 1