Use the following information to (Hint Some of the Items will not appear on elther statement, and ending retained earnings must be calculated.) (Balance Sheet only: bare a multi-step income statement and a balance sheet for Sherman Equipment Co. for Year 2. Items to be deducted must be indicated with a minus sign.) 12.5 points Salaries Expense 69,000 Operating ExpenBes esting Activities Notes Receivable ( short term) Prepaid Rent 13,200 47,000 31,000 Allowance for Doubtful Accounts 8,500 Land ctible Accounts Expense ok g 000 53,000 1.300 Sunnlies Inventory Accounts Payable 348,000 Salaries Payable Interest Revenue 6.100 Sales Revenue 19,000 olc Interest Receivable (short term) References Accounta Receivable 2,200 Beginning Retained Earnings 84.500 SHERMAN EQUIPMENT CO. Income Statement For the Year Ending December 31, Year 2 Operating Expenses Total Operating Expenses Non-Operating Items 00 Total Operating Expenses Non-Operating Items 12.5 points eRook References SHERMAN EQUIPMENT CO. Balance Sheet As of December 31, Year 2 Assets Total assets Liabilities and Stockholders' Equity Current Liabilities 00 SHERMAN EQUIPMENT CO. Balance Sheet As of December 31, Year 2 12.5 Assets points eBook References Total assets Liabilities and Stockholders' Equity Current Liabilities Total Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity