Use the following information to prepare a multistep income statement and a classified balance sheet for Eller Equipment Company for 2018

Problem 7-37 Multistep income statement and classified balance sheet LO 7-10 Required Use the following information to prepare a multistep income statement and a classified balance sheet for Eller Equipment Company for 2018. (Hint: Some of the items will not appear on either statement. Ending retained earnings must be calculated.) Salaries expense Common stock Notes receivable (short term) Allowance for doubtful accounts Accumulated depreciation Notes payable (long term) Salvage value of building Interest payable (short term) Uncolectible accounts expense Supplies Equipment Interest revenue Sales revenue Dividends Warranty expense Interest receivable (short term) $ 72,000 50,000 10,000 6,500 42,300 80,000 6,000 1,500 7,150 1,800 97,500 3,600 510,000 $ 11,500 9,600 600 Beginning retained earnings Warranties payable (short term) Gain on sale of equipment Operating expenses Cash flow from investing activities Prepaid rent Land Cash inventory Accounts payable Interest Expense Salaries payable Unearned revenue Cost of goods sold Accounts receivable Depreciation expense $134,150 2,500 8,500 96,000 125,000 14,000 70,000 26,300 110,500 32,000 8,600 5,200 26,300 310,000 56,000 1,000