Use the following information to prepare a multistep income statement and a balance sheet for Sherman Equipment Co. for 2016. (Hint Some of the items will not appear on either statement, and ending retained earnings must be calculated.) (Balance Sheet only: Items to be deducted must be indicated with a minus sign.) 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 S 85,000 Operating Expenses $78,000 94.400 14,100 56,000 49,700 99,900 62,000 28,000 164,000 72,000 100,000 40,000 Cash Flow from Investing Activities Prepaid Rent 9,400 Land 9.700 Cash 2,800 Inventory 7,000 Accounts Payable 384,000 Salaries Payable 5.100 3.100 Cost of Goods Sold Accounts Receivable 89,000 SHERMAN EQUIPMENT CO Income Statement For the Year Ending December 31, 2016 Operating Expenses Non-Operating Items