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) $ 109,000 Beginning retained earnings 97,000 Warranties payable (short term) 19,500 Gain on sale of equipment 21,000 Operating expenses 53,000 Cash flow from investing activities 147,000 Prepaid rent 17,000 Land 8,000 Cash 32,000 Inventory 5,200 Accounts payable 218,300 Interest expense 4,900 Salaries payable 914,000 Unearned revenue 22,000 cost of goods sold 7,900 Accounts receivable 2,300 Depreciation expense $ 48,100 5,200 13,000 52,000 103,000 25,000 82,000 35,300 130,000 42,000 23,000 55,000 34,000 582,000 95,000 1,700 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 sign.) 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 Statem... Sheet Prepare a multistep 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 Total liabilities and stockholders' equity