Use the following information to prepare a multistep income statement and a balance sheet for Sherman Equipment Company for year 2. (Hint Some of the items will not appear on either statement, and ending retained earnings must be calculated.) Salaries Expense Common Stock Notes Receivable (short term) Allowance for Doubtful Accounts Uncollectible Accounts Expense Supplies Interest Revenue Sales Revenue Dividends Interest Receivable (short term) Beginning Retained Earnings $ 69,000 Operating Expenses 100,000 Cash Flow from Investing Activities 24,000 Prepaid Rent 7,800 Land 8,100 Cash 1,200 Inventory 5,400 Accounts Payable 320,000 Salaries Payable 3,500 Cost of Goods Sold 1,500 Accounts Receivable 81,000 Complete this question by entering your answers in the tabs below. Required A Required B Prepare a multistep income statement for Sherman Equipment Company for year 2. SHERMAN EQUIPMENT COMPANY Income Statement For the Year Ending December 31, Year 2 4 $ 62,000 78,400 12,500 40,000 48,100 98,300 46,000 12,000 148,000 56,000 Expenses Total expenses Non-operating items 0 0 0