Simulation #1: Balance Sheet and Income Statement in Excel REQUIRED: Given the data and information on the following page, use Excel to prepare a balance sheet as of December 31, 2015 and an income statement using multi-step for the year ended December 31, 2015 for ABC Corporation. Use the SUM function to total columns or rows of data when appropriate. Otherwise use =, + or functions. Format the statements with leading $ signs, underscore and double-underscore as appropriate. You are also required to propose adjusting journal entries as needed, as well as earning per share. GRADE RUBRIC: 27 points for properly completed statements and 3 points for use of Excel. All students in your group will receive the same grade unless someone doesnt fully participate. PARTICIPATION GRADE: Identify any members of your group who did not fully participate in the assignmentOther effort percentages can be considered. Their score will be reduced accordingly. SUBMISSION: completed Excel spreadsheet The trial balance has not yet been adjusted. As such, you will need to make necessary adjustments before proceeding. Once adjusting entries have been made, its best to follow the progression we discussed in Chapter 3. Some expenses are given in the following trial balance. For any other expenses, please list them as separate line items in the relevant financial statement. Shown below is a trial balance ABC Corporation for the period ending December 31, 2015 (with the exception of Accumulated Deficit, which shows the balance at December 31, 2014): ACCOUNT BALANCE ACCOUNT BALANCE COGS $ 436,843 Investments (*) 53,608 Loss on Sale of Equipment 1,036 Note Receivable (*) 102,099 Accumulated Deficit (*) 1,509 General & Administrative Expenses 110,358 Extraordinary Gain (net) 45,364 Unearned Revenue (*) 23,000 Accumulated Depreciation 23,583 Accounts Payable 78,359 Inventory 103,597 Prepaid Insurance (*) 7,500 Interest Income 7,638 Intangible Assets (net) 36,783 Property and Equipment (gross) 170,368 Common Stock 10,000 Sales Revenue 762,118 Amortization of Trademarks 2,348 Goodwill 65,642 Cash and Cash Equivalents 36,813 Accounts Receivable (gross) 98,237 Loss on Discontinued Operations (net) 50,368 Additional Paid-in-Capital 120,000 Allowance for Doubtful Accounts 1,250 Accumulated Other Comprehensive Income 4,006 Selling Expenses 135,683 Interest Expense 25,368 Accrued Expenses 22,368 Loans from Bank (*) 368,316 (*) Additional information: ABC experienced significant losses during its initial years, leading to the Accumulated Deficit balance at 12/31/14. Of the overall outstanding balance, $12,361 of loans will be due in 2016. ABCs investments consist of the following: o Bonds they plan to hold to maturity of $12,364. The bonds mature in 2023. o Stocks and bonds they plan to short in the current period of $7,632. o ABC intends to hold on to the remainder of their portfolio on a long-term basis, but it open to disposing of the securities as well. The note receivable is structured such that ABC will receive an installment of 10,683 by the end of 2016, and the remainder beyond 12/31/16. A pool of customers paid ABC $23,000 in advance for goods in early December 2015. As of 12/31/15, 30% of the goods had left ABC warehouses and received by the customers. ABC paid $7,500 up front for a one-year insurance policy on 8/1/2015. The company had 26,000 common shares outstanding throughout 2015. ABC has a 25% income tax rate The company paid out $12,368 in dividends to its shareholders in 2015.