The adjusted trial balance for the year of Peterson Corporation at October 31,2021 , follows. (Click the icon to view the adjusted trial balance.) Read the requirements. Requirement 1. Prepare Peterson Corporation's 2021 single-step income statement, statement of retained earnings, and balance sheet. Begin by preparing Peterson's 2021 income statement. Data table Requirements 1. Prepare Peterson Corporation's 2021 single-step income statement, statement of retained earnings, and balance sheet. 2. Peterson's lenders require that the company maintain a debt ratio no higher than 0.50. Calculate Peterson's debt ratio at October 31, 2021, to determine whether the company is in compliance with this debt restriction. If not, suggest a way that Peterson could have avoided this difficult situation. The adjusted trial balance for the year of Peterson Corporation at October 31,2021 , follows. (Click the icon to view the adjusted trial balance.) Read the requirements. Requirement 1. Prepare Peterson Corporation's 2021 single-step income statement, statement of retained earnings, and balance sheet. Begin by preparing Peterson's 2021 income statement. Data table Requirements 1. Prepare Peterson Corporation's 2021 single-step income statement, statement of retained earnings, and balance sheet. 2. Peterson's lenders require that the company maintain a debt ratio no higher than 0.50. Calculate Peterson's debt ratio at October 31, 2021, to determine whether the company is in compliance with this debt restriction. If not, suggest a way that Peterson could have avoided this difficult situation