You have been hired by Number Company as a staff accountant. Your first assignment is to produce financial statements for Alphabetical Company. You must produce the income statement, statement of owners' equity and balance sheet for both years, and a statement of cash flows for only 20X2. Use the indirect method in the body of the statement of cash flows and disclose the direct method separately. Additionally, please refer to the rubric attached to this assignment for additional grading components and information required in submission. Please note that the company: 1. Issued stock in 20X2, but did not in 20X1. 2. Paid its 20X1 tax liability in full in 20X2. Tax rate 30% Deferred tax payable - Depreciation at Dec. 31, 20X0 10,600 20X1 20X2 Estimated tax payment made 3,400 3,000 Tax depreciation 12,600 15,000 Unrealized gain on short-term investment 5,900 2,100 Unrealized gain on long-term investment 8,000 20X1 20X2 Accounts payable 302,410 340,918 Accounts receivable 30,200 31,700 Accumulated depreciation 87,100 98,200 Additional paid-in capital 55,200 58,000 Amortization expense 5,400 5,700 Cash 73,100 76,800 Common stock ($1 par value) 37,700 39,600 Cost of goods sold 184,800 194,500 Deferred taxes payable - Depreciation ??? ??? Deferred taxes payable - Long-term investment ??? ??? Deferred taxes payable - Short-term investment ? ? ? ??? Depreciation expense 10,500 11,100 Dividends declared 3,400 3,500 Dividends payable 700 740 Equipment 221,800 266,200 Insurance expense 48,900 51,500 Interest expense 12,300 11,700 Interest income 21,700 20,700 Interest payable 590 600 Interest receivable 2,100 2,200 Inventory 94,600 99,300 Long-term investment - at cost 47,300 Marketing expense 76,100 80,100 Marketing payable 16,600 17,400 Note receivable 414,700 389,818 Notes payable 291,600 274,100 Patent 57,200 51,500 Prepaid insurance 23,100 24,300 Retained earnings - beginning 75,400 ?? ? Salaries payable 30,400 31,900 Salary expense 108,700 114,400 Sales 543,600 572,200 Short-term investment - at cost 42,000 42,000 Tax expense ??? ??? Taxes payable ?? ? ? ? ? Utilities expense 70,700 74,400 Utilities payable 9,400 9,900Alphabet Company.xIsm Alphabet Company Income statement (15%) Schedule M-1 (10%) Statement of comprehensive income (5%) Statement of owners' equity (10%) Balance sheet (20%) Statement of cash flows (20%) Direct method disclosures (10%) Financial statement formatting (10%) -side