Required Use the following information to prepare a multistep income statement and a classified balance sheet for Eller Equipment Co. for Ye 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) $122,000 Beginning retained earnings 110,000 Warranties payable (short term) 32,500 Gain on sale of equipment 19,000 Operating expenses 66,000 Cash flow from investing activities 160,000 Prepaid rent 21,000 Land 6,000 Cash 45,000 Inventory 6,500 Accounts payable 243,000 Interest expense 6,200 Salaries payable 940,000 Unearned revenue 20,000 Cost of goods sold 9,200 Accounts receivable 3,600 Depreciation expense $ 61,100 6,500 19,000 65,000 116,000 38,000 95,000 41,000 101,000 55,000 36,000 68,000 47,000 595,000 108,000 3,000 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