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 Intereat payable (short term) Uncollectible accounts expense Supplies Equipment Interest revenue sales revenue Dividends Warranty expense Interest receivable (short term) $120,000 Beginning retained earnings 108,000 warranties payable (short term) 30,500 Gain on sale of equipment 17,000 Operating expenses 64,000 cash flow from investing activities 158,000 Prepaid rent 19,000 Land 9,000 Cash 43,000 Inventory 6,300 Accounts payable 239,200 Interest expense 6,000 salaries payable 936,000 Unearned revenue 18,000 Cost of goods sold 9,000 Accounts receivable 3,400 Depreciation expense $ 59,100 6,300 17,000 63,000 114,000 36,000 93,000 40,200 107,000 53,000 34,000 66,000 45,000 593,000 106,000 2,800 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 miri Income Statement Balance Sheet Prepare a multistep income statement for Eller Equipment Co. for Year 1. (Amounts to be deducte minus sign.) ELLER EQUIPMENT CO. Income Statement For the Year Ending December 31, Year 1 0 Operating expenses Total operating expenses 0 0 0 Non-operating items Total non-operating items 0 0 ELLER EQUIPMENT CU. Balance Sheet As of December 31, Year 1 Assets 0 0 Total current assets Property, plant and equipment 0 0 $ 0 Total property, plant and equipment Total assets Liabilities and Stockholders' Equity Current liabilities Total current liabilities 0 Long-term liabilities 0 Total long-term liabilities Total liabilities Stockholders' equity 0 0 Total stockholders' equity Total liabilities and stockholders' equity $ 0