Requirement 7. Prepare a multi-step income statement and statement of retained earnings for the year ended December 31, 2024. Prepare a classified balance sheet as of December 31, 2024. Assume Interest Receivable is a current asset and Interest Payable is a current liability. Begin by preparing a multi-step income statement for the year ended December 31, 2024. (Use a minus sign or parentheses to show any "Other Expenses". Assume that Bank Expense and Credit Card Expense are considered to be operating expenses.) (Click the icon to view the adjusted trial balance.) Specialty Appliance Center Coronado Adjusted Trial Balance December 31, 2024 Balance Account Title Debit Credit Cash $ 467,796 Petty Cash 120 Accounts Receivable 270,000 Allowance for Bad Debts $ 10,800 Merchandise Inventory 257,000 Office Supplies 220 Prepaid Insurance 1,700 Interest Receivable 2,600 Notes Receivable 260,000 Land 50,000 Building 495,000 Accumulated DepreciationBuilding 14,000 Store Fixtures 105,000 7,000 Accumulated DepreciationStore Fixtures Office Equipment Accumulated DepreciationOffice Equipment 55,000 22,000 Franchise 48,600 Accounts Payable 410,000 10,000 Interest Payable Notes Payable Bamerd, Capital 200,000 600,000 600,000 Bamerd, Capital Bamerd, Withdrawals 24,000 Sales Revenue 1,965,000 Interest Revenue 8,050 Cost of Goods Sold 853,000 Franchise Fee Expense 58,950 210,000 Salaries Expense Utilities Expense Insurance Expense 13,000 1,700 787 10,800 2,420 750 Supplies Expense Bad Debt Expense Bank Expense Credit Card Expense Depreciation ExpenseBuilding Depreciation ExpenseStore Fixtures Depreciation Expense-Office Equipment Amortization ExpenseFranchise Interest Expense 14,000 7,000 22,000 5,400 10,000 7 Cash Short and Over $ 3,246,850 $ 3,246,850 Total Specialty Appliance CenterCoronado Income Statement Year Ended December 31, 2024 Screenshot Net Income (Loss)