show both the common AP5-3 LO5-3 Preparing Both an Income Statement and a Balance Sheet from a Trial Balance (P5-6) Dynamite Sales (organized as a corporation on September 1, 2013) has completed the accounting cycle for the second year, ended August 31, 2015. Dynamite also has completed a correct trial balance follows: DYNAMITE SALES Trial Balance At August 31, 2015 Debit Credit Account Titles $ 47,700 38,320 270 27,000 $ 9,000 2,700 900 16,225 Cash Accounts receivable Office supplies Company vehicles (delivery vans) Accumulated depreciation, company vehicles Equipment Accumulated depreciation, equipment Accounts payable Income taxes payable Salaries payable Long-term debt Capital stock (par SI: 29,000 shares) Paid-in capital Retained earnings (on September 1, 2014) Dividends declared and paid during the current year Sales revenue Cost of goods sold Operating expenses (detail omitted to conserve time) Depreciation expense (on vehicles and equipment) Interest expense Income tax expense (not yet computed) Totals 1,350 25,000 29,000 4,500 6,615 7,200 81.000 27.000 16,200 4.950 2.250 $173,590 $173 590 Required: Complete the financial statements, as follows: a. Classified (multiple-step) income statement for the reporting year ended August 31, 2015. Inco income tax expense, assuming a 30 percent tax rate. Use the following subtotals: Gross Profit. 10 Operating Expenses, Income from Operations, Income before Income Taxes, and Net Income. show EPS. h. Classified balance sheet at the end of the reporting year, August 31, 2015. Include (1) income taxes for the current year in Income Taxes Payable and (2) dividends in Retained Earnings. Use the follow- ing captions (list each item under these captions). Assets Current assets Noncurrent assets Stockholders' Equity Contributed capital Retained earnings Liabilities Current liabilities Long-term liabilities