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.$)$

Complete this question by entering your answers in the tabs below.

Income Statement

Balance Sheet

Prepare a multistep income statement for Eller Equipment Company for Year $1.$

Note: Amounts to be deducted should be indicated with a minus sign.

$\backslash$table$[[$ELLER EQUIPMENT COMPANY$],[$Income Statement,$],[$For the Year Ending December $31,$ Year $1,],[,,],[,,],[,,],[,,],[,,],[,,],[,,],[,,],[,,],[,,]]$