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 $ 41,200 90,000 15,000 6,500 12,000 26,000 6,000 1,900 9,600 14,500 57,000 2,000 340,000 10,000 7,500 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 $ 2,100 120, 100 45,000 (91,600) 16,100 35,000 26,700 105,000 48,000 1,300 14,500 42,000 225,000 92,000 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. $ 340,000 225,000 115,000 Income Statement For the Year Ended December 31, Year 2 Sales revenue Cost of goods sold Gross margin Operating expenses Salaries expense $ 41,200 Rent expense 7,500 Uncollectible accounts expense 9,600 Operating expenses 45,000 0 Total operating expenses Operating income Non-operating Items 103,300 11,700 Interest expense Interest revenue 1,300 2,000 Total non-operating items Net income 700 12,400 $ 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 Cash Accounts receivable Less: Allowance for doubtful accounts DICO 0 Inventory Interest receivable Prepaid rent Supplies Notes receivable > IS 0 Total current assets Property, plant and equipment Land Less: Accumulated depreciation 0 0 IS 0 Total property, plant and equipment Total assets Liabilities and stockholders' equity Current liabilities $ 0 Total current liabilities Long-term liabilities 0 Total long-term liabilities Total liabilities Stockholders' equity 0 0 Total stockholders' equity Total liabilities and stockholders' equity 0