Step by step for part 1 classified balance sheet

Required: Part 1 - Using the trial balance provided below prepare a Classified Balance Sheet for Useh Tele Solutions, Inc. Fall 2021) Note: The correct statement of retained earnings is provided below so that students will not need to complete the income statement to calculate ending retained earnings. Part 2 - Prepare the Statement of Cash Flows for Xiong Corporation (see page 2 of this document) 1 Sces, Property plant, ': equip Asses trabiti Cash $ Accounts Receivable Allowance for Doubtful Accounts Inventory Trading Securities (cost $ 145,000) Equipment Accumulated Depreciation - Equipment Building Accumulated Depreciation - Building Land Franchises Patents Inkangable Assets Debt Investments (long-term) in Equity Investments (long-term) Accounts Payable Salaries and Wages Payable Notes Payable (short-term) Dividends Payable Accrued Liabilities Notes Payable (long-term) Bonds Payable Common Stock, Par $ 5.00 APIC Treasury Stock Retained Earnings Dividends Declared Sales Revenue Sales Discounts Sales Returns and Allowances COGS Selling Expenses Administrative Expenses Loss due to storm damage Rent Revenue Gain on sale of equipment Income Tax Expense $ Useh Tele Solutions, Inc. Trial Balance December 31, 2019 Debit Credit 652,000 850, 210 $ 25,000 1,586,000 153,000 622,790 60,000 1,040,000 152,000 260,000 250,000 405,000 650,000 350,000 725,000 18,000 177,000 250,000 125,000 1,325,000 1,500,000 1,000,000 80,000 225,000 715,000 500,000 11,555,000 55,000 40,000 6,180,000 2,250,000 1,100,000 238,000 110,000 15,000 425,000 17,832,000 $ 17,832,000 Useh Tele Solutions, Inc. Statement of Retained Earnings For the Year Ended December 31, 2019 $ January 1, 2019 Retained earnings Add: Net income 715,000 1,392,000 2,107,000 500,000 1,607,000 $ Less: Dividends Retained earnings December 31, 2019