The following are the information of Chun Equipment Co. for Year 2. (Hint: Some of the items will not appear on either statement, and ending retained earnings must be calculated.) Salaries expense Common stock Notes receivable (short term) Allowance for doubtful accounts Accumulated depreciation Notes payable (long term) Salvage value of equipment Interest payable short term) Uncollectible accounts expense Supplies office equipment Interest revenue Sales revenue Dividends Rent expense $ 122,900 50,500 17,280 8,530 40,200 125,650 7,440 2,550 13,880 2,620 75,150 6,220 504,640 11,700 4,780 Interest receivable (short term) Beginning retained earnings Operating expenses Cash flow from investing activities Prepaid rent Land Cash Inventory Accounts payable Interest expense Salaries payable Unearned revenue Cost of goods sold Accounts receivable $ 870 49,731 91, 430 (104,510) 13, 490 49,000 20, 680 160,800 55,710 33,790 11,320 56, 220 180,561 112,260 Required Prepare a multistep income statement and balance sheet for Chun Equipment Co. for Year 2. Complete this question by entering your answers in the tabs below. Inc Stmt Bal Sheet Prepare a multistep income statement for Chun Equipment Co. for Year 2. CHUN EQUIPMENT CO. Income Statement For the Year Ended December 31, Year 2 Operating expenses Total operating expenses 0 Non-operating Items Total non-operating items Prepare the balance sheet for Chun Equipment Co. for Year 2. (Be sure to list the assets in the order of their liquidity.) CHUN EQUIPMENT CO. Balance Sheet As of December 31, Year 2 Assets Current assets 0 $ 0 Total current assets Property, plant and equipment 0 0 $ ol Total property, plant and equipment Total assets Liabilities and stockholders' equilty Current liabilities $ 0 Total current liabilities Long-term liabilities 0 Total long-term liabilities Total liabilities Stockholders' equity 0 Total stockholders' equity Total liabilities and stockholders' equity 0 0 $