300,000 ... 900,000 - 500.000 Penn Company has the following ledger accounts and adjusted balances as of December 31, 2019. All accounts have normal balances. Penn's income tax rate is 20%. Penn has 300,000 shares of SS Common Stock authorized and 90,000 shares outstanding Accounts Payable. 46,000 Accounts Receivable.. 324,000 Accumulated Depreciation-Building 90,000 Accumulated Depreciation Equipment 72,000 Administrative Expenses....... 70,000 Allowance for Doubtful Accounts. 36,000 Bonds Payable. Building Cash *****. 45.200 Common Stock Cost of Goods Sold 684,000 Dividends. 24,000 Equipment 348,000 Income from Operations of Division X. 72.000 (Division X is a component of Penn Company) Interest Revenue. 48,000 Inventory 504,000 Land (held for future use) 360,000 Land (used for building) 198,000 Loss from Sale of Division X 144,000 (Division X is a component of Penn Company) Loss on Sale of Investments 18,000 Mortgage Payable 450,000 Paid-In Capital in Excess of Par. 248,000 Premium on Bonds Payable. **** 12,000 Prepaid Insurance ********* 18.000 Retained Earnings, January 1, 2019 ****... 530,000 Sales Discounts 36,000 Sales Returns and Allowances.. 60,000 Sales Revenge 1.842.000 Selling Expenses 236,000 Trademark 54,000 Treasury Stock 80,000 *$25,000 of the principal comes due in 2020 **Two years insurance paid in advance. Instructions: Use this information to prepare a multiple-step income statement, a retained earnings statement, and a classified balance sheet