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Use the following informstion to prepore a multi-step income statement and a bolance sheet for Shermon Equipment Co. for Year 2. (Hint. Some of the

image text in transcribed Use the following informstion to prepore a multi-step income statement and a bolance sheet for Shermon Equipment Co. for Year 2. (Hint. Some of the items will not appeor on either statement, and ending retsined earnings must be colculated.) (Balance Sheet only: Items to be deducted must be indicated with a minus sign.)

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