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 Operating expenses Common stock Notes receivable (short term) Allowance for doubtful accounts Uncollectible accounts expense Supplies Interest revenue $77,000 100,000 32,000 Cash Flow from investing activities Prepaid rent 8,600 Land 8,900 Cash 2,000 6,200 Sales revenue 352,000 Dividends 4,300 Interest receivable (short term) 2,300 Inventory Accounts payable Salaries payable Cost of goods sold Accounts receivable Beginning retained earnings 85,000 Complete this question by entering your answers in the tabs below. Req A1 Req A2 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 Operating Expenses Total Operating Expenses Non-Operating Items $70,000 86,400 13,300 48,000 48,900 99,100 54,000 20,000 156,000 64,000