[The following information applies to the questions displayed below.] In this Applying Excel exercise you will practice using basic formulas to prepare an Income Statement and a Balance Sheet. Watch the tutorial video and then complete Parts 1 and 2 to practice and apply the skills demonstrated in the video. Current Time 0:00 / Duration 3:44 1x Download the 'Applying Excel' worksheet below and save it to your computer. View the tutorial video, and then complete the worksheet. Enter formulas in cells that contain question marks (only use formulas). After entering formulas in all of the cells that contain question marks, verify that the amounts match the example below. (a) Income Statement Revenues: Service revenue $ 90,000 Interest revenue 5,000 $ 95,000 Expenses: Advertising Expense 10,000 Insurance expense 16,000 Salaries expense 45,000 Rent expense 6,000 77,000 Net income $ 18,000 (b) Balance Sheet Assets: Liabilities: Cash $ 22,000 Salaries payable $ 8,000 Accounts receivable 20,000 Notes payable 20,000 Supplies 11,000 Land 45,000 Equities: Common stock 40,000 Retained earnings 30,000 Total $ 98,000 Total $ 98,000 Assets equal Liabilities + Equities Check your worksheet setup and formulas by changing Advertising Expense to $12,000, Rent Expense to $8,000, and Retained Earnings to $20,000. You should now have an out of balance condition of $1,000 (Total Assets of $98,000 and Total Liabilites plus Stockholders' Equity of $97,000), with the validation message 'does not equal'. If you do not get this answer, review your worksheet and the formulas you used. Save your completed Applying Excel form to your computer and then upload it here by clicking Browse. Next click Save. You will use this worksheet to answer questions in Part 2.