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 $ 41, 208 Interest receivable (short term) 2, 108 Common stock Beginning retained earnings 120, 109 Notes receivable (short term) 15, 090 Operating expenses 45, 090 Allowance for doubtful accounts 6, 508 Cash flow from investing activities (91, 609) Accumulated depreciation 12, 098 Prepaid rent 16, 108 Notes payable (long term) 26,098 Land 35,090 Salvage value of equipment 6,909 Cash 26,790 Interest payable (short term) 1,908 Inventory 105, 098 Uncollectible accounts expense 9, 609 Accounts payable 48, 090 Supplies 14, 508 Interest expense 1, 380 Office equipment 57,090 Salaries payable 14, 508 Interest revenue 2,908 Unearned revenue 42,908 Sales revenue 340, 090 Cost of goods sold 225, 090 Dividends 19, 098 Accounts receivable 92,Gee Rent expense 7,508 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 Non-operating Items Total non-operating itemsPrepare the balance sheet for Chun Equipment Co. for Year 2. (Be sure to list the ameets in the order of their liquidity. ) CHUN EQUIPMENT CO Balance Sheet As of December $1, Year 2 Acceto Total current meanis Property, plant and equipment Total property, plant and aquipment Liabilities and stookholders' equity Current liabilities Total current lish Ities Long-term liabilities Total long-term liabilities Total liabilities Stockholders equity Total stockholders' equity Total liabilities and stockholders' aquity