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) $107,000 Beginning retained earnings 95,000 Warranties payable (short term) 17,500 Gain on sale of equipment 19,000 Operating expenses 51,000 Cash flow from investing activities 145,000 Prepaid rent 15,000 Land 6,000 Cash 30,000 Inventory 5,000 Accounts payable 214,500 Interest expense 4,700 Salaries payable 910,000 Unearned revenue 20,000 Cost of goods sold 7,700 Accounts receivable 2,100 Depreciation expense $ 46,100 5,000 11,000 50,000 101,000 23,000 80,000 34,500 131,000 40,000 21,000 53,000 32,000 580,000 93,000 1,500 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 sign.) ELLER EQUIPMENT CO. Income Statement For the Year Ending December 31, Year 1 Operating expenses Total operating expenses Non-operating items Total non-operating items Income Balance Sheet Statement Prepare a classified Balance sheet for Eller Equipment Co. for Year 1. (Amounts to be deducted should be indicated with a minus sign.) ELLER EQUIPMENT CO. Balance Sheet As of December 31, Year 1 Assets Total current assets Property, plant and equipment Total property, plant and equipment Total assets Liabilities and Stockholders' Equity Current liabilities Total current liabilities Long-term liabilities Total long-term liabilities Total liabilities Stockholders' equity Total stockholders' equity