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 elther statement, and ending retained earnings must be calculated) Salaries expense Con stock Mates receivable (short term) Allowance for doubtrol accounts Accumulated depreciation Notes payable long ter) Balvage value of building Interest payable (short tern) Uncollectible accounts expense Supplies Equipent Interest revenge Sales revence Dividends Warranty expense Interest receivable (hort term) 3110,000 Beginning retained earning 90,000 Warranties payable bort term) 20,500 Cain on sale of equipment 22,000 Operating expenses 54,000 Cash flow from investing activities 143,000 Prepaid rent 18,000 Land 9.000 Cash 33,000 Inventory 5,300 Accounts payable 220,200 Interest expense 5,000 salaries payable 916,000 Unearned revenue 23,000 cost of goods sold 8,000 Accounts receivable 2,400 Depreciation expense $ 49,100 5,500 18,000 53.000 104,000 26,000 83,050 55.200 110.000 45,000 24,000 55,000 35.000 583,000 96,000 1.000 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 should be indicated with a minus ign) ELLER EQUIPMENT CO. income Statement For the Year Ending December 31, Year 1 Sales revenue $ 16,000 Cost of goods sold 563.000 Gross margin 333,000 Operating expenser Other operating expenses Salaries expense Uncollectible sccounts expense Dividends Warranty expense 333,000 Total operating expenses Operating income Non-operating Interest expense Total non-operating tems 333.000 Balance Sheet> Income Statement Balance Sheet Prepare a mulustep Balance sheet for Eller Equipment Co, for Year 1. (Amount to be deducted should be indicated with a minus on) FLER EQUIPMENT CO Balance Sheet As of December 31, Year 1 Annet 0 Total current assets Property, plant and equipment 0 6 Total property, plant and equipment Total assets Liabilities and Stockholders' Equity Current liabilities Total current liabilities Long-term 0 Total long-termiabilities Tolais Stockholders' equity 0 0 Tolstochodesequity Totalbies and stockholders equily 0 Income Statement Salaries expense Common stock Notes receivable (short term) Allowance for doubtful accounts Accumulated depreciation Noten 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) $110,000 Beginning retained earnings 98,000 Warranties payable (short term) 20,500 Gain on sale of equipment 22,000 Operating expenses 54,000 cash flow from investing activities 148,000 Prepaid rent 18,000 Land 9,000 Cash 33,000 Inventory 5,300 Accounts payable 220,200 Interest expense 5,000 Salaries payable 916,000 Unearned revenue 23,000 Cost of goods sold 8,000 Accounts receivable 2,400 Depreciation expense $ 49,100 5,300 14,000 53,000 104,000 26,000 83,000 55,200 110,000 43,000 24,000 56,000 35,000 583,000 96,000 1,800