The following items relate to business transactions involving K-Swiss Inc. Required: 1. & 2. Identify an appropriate label (account name) for each item as it would be heported in the compan type of account. Type Label Accounts Payable 'Accounts Receivable a. Coins and currency b. Amounts K Swiss owes to suppliers of shoes c. Amounts K-Swiss can collect from customers d. Amounts owed to bank for loan to buy building e. Property on which buildings will be built f. Amounts distributed from profits to stockholders 9. Amounts earned by K-Swiss by selling shoes h. Unused paper in K-Swiss head office 1. Cost of paper used up during month Amounts contributed by stockholders for K-Swiss stock Other Expenses Sales Revenue Supplies UU, JUU 8,040 105,600 6,900 Required: 1. Prepare an income statement for the year ended December 31. HIGH POWER CORPORATION Income Statement