The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2018: Cash $109,500 Retained Earnings Dividends Accounts Receivable Inventory Estimated Returns Inventory Sales 297,200 332,900 22,500 10,300 8,000 482,700 65,600 $4,011,400 2,320,300 652,500 179,400 Office Supplies Prepaid Insurance Cost of Goods Sold Sales Salaries Expense Advertising Expense Depreciation Expense- Store Equipment Office Equipment 241,000 35,000 Miscellaneous Selling Expense 15,300 Accumulated Depreciation- Office Equipment Store Equipment Accumulated Depreciation- Store Equipment 163,800 752,400 Office Salaries Expense 356,200 Rent Expense 52,600 241,000 Accounts Payable 166,800 40,000 10,700 Depreciation Expense- Office Equipment Insurance Expense Office Supplies Expense 26,300 16,300 9,700 Customer Refunds Payable Salaries Payable Note Payable (final payment due 2024) Common Stock Miscellaneous Administrative Exp. 7,000 350,000 54,300 Interest Expense 10,700 1. Prepare a multiple-step income statement. Clairemont Co. Income Statement For the Year Ended May 31, 2018 Expenses: Selling expenses: Total selling expenses Administrative expenses: Total administrative expenses Total operating expenses Clairemont Co. Retained Earnings Statement For the Year Ended May 31, 2018 3. Prepare a balance sheet, assuming that the current portion of the note payable is $17,500. Clairemont Co. Balance Sheet May 31, 2018 Assets Current assets: Total current assets Property, plant and equipment: Total property, plant and equipment Total assets Liabilities Current liabilities: Total current liabilities Long-term liabilities: Total liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity