Required:1. Prepare a multiple-step income statement. Be sure to complete the statement heading Refer to the problem data and the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for the text entries. A colon (:) will automatically appear is required For those boxes in which you must enter subtracted or negative numbers use a minus sign. 2. Prepare a statement of stockholders' equity. Additional common stock of 75,000 was issued during the year ended May 31, 20Y2. Refer to list of Labels Amount Descriptions provided for the wording of the answer choices for text entries. For those boxes which you must enter subtracted or negative numbers use a minus sign.3. Prepare a balance sheet, assuming that the current portion of the note is payable 58,000. Be sure to complete statement heading. Refer to the problem data and the of Labels and Amount Descriptions provided the exact wording of answer choices for text entries. A colon (:) will automatically appear if it is required. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 20Y2: Cash $245.100 Accounts receivable 971,100 Inventory 1,786,300 Estimated returns inventory 22,200 Office supplies 22.100 Prepaid insurance 7.600 Office equipment 839,400 Accumulated depreciation-office equipment 548,200 Store equipment 3.607,700 Accumulated depreciation-store equipment 1.816.600 Accounts payable 365,900 Customer refunds payable 33,200 Note payable (final payment due in 6 years) 299,000 Common stock 496,400 Retained earnings 3.140,600 Dividends 98,800 Solos 11,256,200 Cost of goods sold 7,856,100 Sales salarios exponso 907.500 Advertising oxponse 547,800 Doprociation expense-store equipment 144,800 Miscellaneous selling expense 31,700 Office salaries expense GO4,GOO Rent expense 84/400 Depreciation expense-office equipment 53 800 Insurance experise 56 200 Office supplies expense 24,100 Miscellaneous administrative expense 14,900 Mix Gram