Superior Hardwood Company distributes hardwood products to small furniture manufacturers. The adjusted trial balance data given below is from the firm$$s worksheet for the year ended December $31,20$X$1.$

ACCOUNTS Debit Credit

Cash $ $23,700$

Petty Cash Fund $400$

Notes Receivable, due $20$X$211,400$

Accounts Receivable $92,000$

Allowance for Doubtful Accounts $ $5,600$

Merchandise Inventory $230,000$

Warehouse Supplies $2,820$

Office Supplies $1,380$

Prepaid Insurance $9,000$

Land $42,000$

Building $174,000$

Accumulated Depreciation$$Building $51,600$

Warehouse Equipment $35,000$

Accumulated Depreciation$$Warehouse Equipment $16,200$

Delivery Equipment $49,000$

Accumulated Depreciation$$Delivery Equipment $18,800$

Office Equipment $23,000$

Accumulated Depreciation$$Office Equipment $10,800$

Notes Payable, due $20$X$219,800$

Accounts Payable $38,600$

Interest Payable $540$

Mortgage Payable $59,000$

Loans Payable, Long$-$term $15,000$

Charles Ronie, Capital $($Jan$.1)436,760$

Charles Ronie, Drawing $126,600$

Income Summary $240,000230,000$

Sales $1,677,000$

Sales Returns and Allowances $17,800$

Interest Income $1,540$

Purchases $763,000$

Freight In $13,400$

Purchases Returns and Allowances $8,040$

Purchases Discounts $10,760$

Warehouse Wages Expense $195,600$

Warehouse Supplies Expense $6,700$

Depreciation Expense$$Warehouse Equipment $5,400$

Salaries Expense$$Sales $265,200$

Travel and Entertainment Expense $21,100$

Delivery Wages Expense $59,930$

Depreciation Expense$$Delivery Equipment $9,400$

Salaries Expense$$Office $70,200$

Office Supplies Expense $3,600$

Insurance Expense $5,800$

Utilities Expense $8,890$

Telephone Expense $6,120$

Payroll Taxes Expense $57,000$

Property Taxes Expense $5,200$

Uncollectible Accounts Expense $5,400$

Depreciation Expense$$Building $8,600$

Depreciation Expense$$Office Equipment $3,600$

Interest Expense $7,800$

Totals $ $2,600,040$ $ $2,600,040$

Required:

Prepare a classified income statement for the year ended December $31,20$X$1.$ The expense accounts represent warehouse expenses, selling expenses, and general and administrative expenses.

Prepare a statement of owner$$s equity for the year ended December $31,20$X$1.$ No additional investments were made during the year.

Prepare a classified balance sheet as of December $31,20$X$1.$ The mortgage payable extends for more than a year.