The following transactions of Xylophone Music Company occurred during 2017 and 2018: E: (Click the icon to view the transactions.) Requirement Record the transactions in Xylophone's journal. Explanations are not required. Requirement. Record the transactions in Xylophone's journal. (Record debits first, then credits Purchased a Steinway piano (inventory) for $41,500, signing a six-month, 11% note. required.) a six-m 0 Transactions 2017 Mar. 3 Purchased a Steinway piano (inventory) for $41,500, signing a six-month, 11% note. Apr. 30 Borrowed $53,000 on a 11% note payable that calls for annual installment payments of $26,500 principal plus interest. Record the short-term note payable in a separate account from the long-term note payable. Sept. 3 Paid the six-month, 11% note at maturity. Dec. 31 Accrued warranty expense, which is estimated at 5.5% of sales of $192,000. 31 Accrued interest on the outstanding note payable. 2018 Apr. 30 Paid the first installment plus interest for one year on the outstanding note payable. I installm m the Print Done The died balance of impron October 31, 2017, follows. Click the len to view the dusted trial balance) Requirements 1. Prepare Simona 2017 come statement, Waterment of retained earnings, and balance sheet List expenses cept for income tax) in decreasing order on the income alment and sowies on the balance sheet. Simpson Lender require that the company maintain a debt ratio nougher than 0.50. Compule Simpson Laddebitration October 31, 2017, to determine whether the company sin compliance with the debt refion not suggest a way that Simpson Lid could have avoided this out shunion 2 Begin by Preparing Simpson 2017 income walement Income rement For Ended October 2017