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.) Salaries expense $ 109,000 Beginning retained earnings $ 48,100 Common stock 97,000 Warranties payable (short term) 5,200 Notes receivable (short term) 19,500 Gain on sale of equipment 13,000 Allowance for doubtful accounts 21,000 Operating expenses 52,000 Accumulated depreciation 53,000 Cash flow from investing activities 103,000 Notes payable (long term) 147,000 Prepaid rent 25,000 Salvage value of building 17,000 Land 82,000 Interest payable (short term) 8,000 Cash 35,300 Uncollectible accounts expense 32,000 Inventory 130,000 Supplies 5,200 Accounts payable 42,000 Equipment 218,300 Interest expense 23,000 Interest revenue 4,900 Salaries payable 55,000 Sales revenue 914,000 Unearned revenue 34,000 Dividends 22,000 Cost of goods sold 582,000 Warranty expense 7,900 Accounts receivable 95,000 Interest receivable (short term) 2,300 Depreciation expense 1,700