The balance in the Retained Earnings account reflects the account balance before temporary accounts are closed. In addition, the Notes Payable balance includes notes payable of $24,250 due within the next year and $91,480 of notes payable that are not due for several years. Use the information given to create Coldwater Co.’s annual financial statements. Construct Coldwater’s multiple-step income statement for 20Y8. 

Accumulated depreciation Coldwater Co. has compiled the following account balances from its general ledger on June 30, 20Y8 (the last day of its fiscal year). + Trial Balance Account Amount Cash $62,460 Accounts receivable 150,120 Inventory 195,870 Prepaid insurance 25,030 Equipment 493,380 84,680 Accounts payable 63,865 con'co Notes payable 111,865 con'TIT Common stock 200,000 Dividends 52,870 Retained earnings 278,420 Sales 3,384,420 Rent revenue (Nonoperating) 19,930 Cost of goods sold 2,390,295 Interest expense (Nonoperating) 15,410 Selling/general/administrative 550,610 expense Research and development 168,080 expense Depreciation expense 39,055 The balance in the Retained Earnings account reflects the account balance before temporary accounts are closed. In addition, the Notes Payable balance includes notes payable of $22,375 due within the next year and $89,490 of notes payable that are not due for several years. Use the information given to create Coldwater Co.'s annual financial statements. Construct Coldwater's multiple-step income statement for 20Y8.