X X X X X Courtland Corp. Income Statement For the year ended December 31, 2014 Accumulated Depreciation, Office Fixtures Accumulated Depreciation, Store Fixtures. Cost Of Goods Sold Depreciation Expense, Office Fixtures. Debit Credit Debit Credit 56,000 76,500 130,000 11,500 Depreciation Expense, Store Fixtures. 19,500 Dividends 30,000 Insurance Expense 30,500 Liabilities 742,000 Merchandise Inventory. 103,000 Office Fixtures 482,500 Office Salaries Expense. 153,500 Office Supplies Expense. 43,000 Rent Earned 133,000 Retained Earnings. 172,000 Sales 322,500 Sales Discounts 30,000 Sales Returns and Allowances 13,500 Sales Salaries Expense_ 104,500 Share Capital 160,500 425,000 Store Fixtures Store Supplies Expense.... Totals Net Loss Totals 86,000 622,000 455,500 1,040,500 1,207,000 166,500 166,500 622,000 622,000 1,207,000 1,207,000 Question 2 [40 points] The work sheet for Courtland Corp. is shown below. Complete the classified multi-step income statement on the right. Balance Sheet and Statement of Changes in Equity Income Statement Debit Credit Debit Courtland Corp. Income Statement For the year ended December 31, 2014 Accumulated Depreciation, Office Fixtures Accumulated Depreciation, Store Fixtures Cost Of Goods Sold Credit 56,000 76,500 130,000 Depreciation Expense, Office Fixtures. 11,500 Depreciation Expense, Store Fixtures 19,500 Dividends 30,000 Insurance Expense 30,500 Liabilities 742,000 Merchandise Inventory. Office Fixtures 103,000 482,500 Office Salaries Expense. 153,500 Office Supplies Expense. 43,000 Rent Earned 133,000 Retained Earnings.. D 172,000 Accumulated Depreciation, Office Fixtures Accumulated Depreciation, Store Fixtures Cost Of Goods Sold 56,000 76,500 130,000 Depreciation Expense, Office Fixtures 11,500 Depreciation Expense, Store Fixtures... 19,500 Dividends 30,000 Insurance Expense 30,500 Liabilities 742,000 Merchandise Inventory.. 103,000 Office Fixtures.. 482,500 Office Salaries Expense. 153,500 Office Supplies Expense. 43,000 Rent Earned 133,000 Retained Earnings 172,000 Sales 322,500 Sales Discounts.. 30,000 Sales Returns and Allowances. 13,500 Sales Salaries Expense, 104,500 Share Capital 160,500 425,000 Store Fixtures Store Supplies Expense. Totals Net Loss Totals 86,000 622,000 455,500 1,040,500 1,207,000 166,500 166,500 622,000 622,000 1,207,000 1,207,000