The following information was obtained from the records of Shae, Inc.:

Except as otherwise indicated, assume that all balance sheet items reflect account balances at December 31, 2016, and that all income statement items reflect activities that occurred during the year ended December 31, 2016. There were no changes in paid-in capital during the year. Required: a. Prepare an income statement and statement of changes in stockholders equity for the year ended December 31, 2016, and a balance sheet at December 31, 2016, for Shae, Inc. Based on the financial statements that you have prepared for part a, answer the questions in parts be.

The following informabon was obtained from the records of Sheeinc. : Merchandise inventory Notes payable (long-term $ 94,500 105,000 315,000 Buildings and equipment 189,000 Selling, general, and Accounts receivable Common stock (26,000 shares) Inoomo tax expense 31,500 47,250 130,000 153,757 Retained eamings, 1/116 79,950 Acorued liabilitea Cost of goods sold Accumulaied deprecation 85,050 nterest expense coounts payable 6,300 189,000 16,000 31,500 dclared and paid 8,243 during 2016 Except as otherwise indicated, assume that all balance shee ems reflect account balances at Deoamber 31, 2016, and that al income statement items refilect activities that occured during the year ended December 31, 2016. There were no changes in paid-in capital during the year a. Prepare an income stabement and statement of changes in stockholders' equity for the year ended December 31, 2016, and a balance sheet at December 31, 2016, for Snae, Inc. Based on the nancial statements that you have prepared for part a, answer the questions in parts b-e. ling, ganeral and acministrative Balance Sheet Assets Total as8ets Google Chrome Stockholders