Use the following information to prepare a multistep income statement and a classified balance sheet for Eller Equipment Co. for Year 1. (Hint: Some of the items will not appear on either statement, and ending retained earnings must be calculated.) Salaries expense Common stock $122,000 110,000 Beginning retained earnings Warranties payable (short term) Notes receivable (short term) 32,500 Gain on sale of equipment Allowance for doubtful accounts 19,000 Operating expenses Accumulated depreciation 66,000 Cash flow from investing activities Notes payable (long term) 160,000 Prepaid rent Salvage value of building 21,000 Land Interest payable (short term) 6,000 Cash Uncollectible accounts expense Supplies Equipment 6,500 Accounts payable 243,000 Interest expense 45,000 Inventory Interest revenue Sales revenue Dividends Warranty expense Interest receivable (short term) 940,000 20,000 6,200 Salaries payable Unearned revenue Cost of goods sold 9,200 3,600 Accounts receivable Depreciation expense $ 61,100 6,500 19,000 65,000 116,000 38,000 95,000 41,000 101,000 55,000 36,000 68,000 47,000 595,000 108,000 3,000