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) $117,000 Beginning retained earnings 105,000 Warranties payable (short term) 27,500 Gain on sale of equipment 14,000 Operating expenses 61,000 Cash flow from investing activities 155,000 Prepaid rent 16,000 Land 6,000 Cash 40,000 Inventory 6,000 Accounts payable 233,500 Interest expense 5,700 Salaries payable 930,000 Unearned revenue 15,000 Cost of goods sold 8,700 Accounts receivable 3,100 Depreciation expense $ 56,100 6,000 14,000 60,000 111,000 33,000 90,000 43,500 104,000 50,000 31,000 63,000 42,000 590,000 103,000 2,500 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.) ELLER EQUIPMENT CO. Income Statement For the Year Ending December 31, Year Sales revenue Cost of goods sold $ 930,000 590,000 Income Statement Balance Sheet Prepare a multistep income statement for Eller Equipment Co. for y minus sign.) $ 930,000 590,000 340,000 ELLER EQUIPMENT CO. Income Statement For the Year Ending December 31, Year 1 Sales revenue Cost of goods sold Gross margin Operating expenses Salaries expense $ 117,000 Depreciation expense 40,000 Other operating expenses 8,700 Dividends Other operating expenses Depreciation expense Total operating expenses (165,700) 174,300 Non-operating items 0 Total non-operating items 174,300 Income Statement ELLER EQUIPMENT CO. Balance Sheet As of December 31, Year 1 Assets 0 $ 0 Total current assets Property, plant and equipment 0 0 $ 0 Total property, plant and equipment Total assets Liabilities and Stockholders' Equity Current liabilities