Use the adjusted trial balance to prepare a multi step income statement, statement of RE and classified balance sheet CREDIT 18 42 15 50 Summer's End Company Adjusted TB for the year ended December 31, 2021 ACCOUNT DEBIT Cash 41 AR, Net 30 Inventory 36 Equipment 30 Buildings 115 Accumulated Depreciation Long term Leased asset 10 Accounts Payable Unearned Revenue Bond payable Bond premium Loans Payable Long term lease commitments (liab) Paid in Capital Treasury Stock 10 Retained earnings Dividends 5 Sales Sales discounts Cost of goods sold 71 Advertising expenses 10 Depreciation expense 54 Insurance expense Rent expense 26 Salaries & Wages expenses 32 Utilities expense Gain / Loss on sale of building Gain / Loss on disposal of equip 1 Interest expense 2 3 84 10 35 50 175 00 SONA 8 NO Totals 490 490 Summers End TB page 26 ADDITIONAL INFO: 1) Net loss was $30 for the year 2) An investor contributed a Building with a FMV of $25 in exchange for Common Stock 3) A Building originally costing $40 was sold for $12. The accum depreciation at the time of sale was $36. 4) Equipment was discarded that originally cost $7 and had accumulated deprecition of $6. 5) A Building was purchased with a long term loan for $50 6) A long term lease agreement was entered into wo cash exchanged on the last day of the accounting period 7) All other transactions explaining changes in accounts should be considered cash related. Use the above additional info when preparing the Statement of Cash flow for Summers End You will also need to complete the balance sheet for 12/31/21 based on the adjusted TB given Summer's End Company Statement of Cash Flows date Summer's End Company Balance Sheet of 12/21/2021 12/31/2020 Assets Current Assets Cash K 21 adjustment to reconcile et income to cash from operation Accounts Receivable.net Inventory Total Current Assets 20 40 81 non cash income and expenses Equipment Buildings Accum Depreciation Net Prop. Plant & Equip 15 80 16 39 Long Term Capital Leases Total Assets 170 Liabilities Current Liabilities Accounts Payable Unearned Revenue Total Current Liabilities 40 25 65 Bonds payable Bond Premium Bonds payable carrying value 868 30 D 30 20 Loans Payable Long Term Lease Commitments 0 Total Liabilities 115 Equity Pald in Capital Treasury Stock Retained Earnings Total Owners Equity Non Cash Investing and Financing Activities 10 (5) 60 55 Total Liabilities & Owner's Equity 170 Cash = Cash H