Below information pertains to Eller Equipment Company for theyear 2018. (Hint: Some of the items will not appear on eitherstatement, and ending retained earnings must be calculated.)Salaries expense $109,000 Beginning retained earnings $ 48,100Common stock 97,000 Warranties payable (short term) 5,200 Notesreceivable (short term) 19,500 Gain on sale of equipment 13,000Allowance for doubtful accounts 21,000 Operating expenses 52,000Accumulated depreciation 53,000 Cash flow from investing activities103,000 Notes payable (long term) 89,350 Prepaid rent 25,000Salvage value of building 17,000 Land 82,000 Interest payable(short term) 8,000 Cash 35,300 Uncollectible accounts expense32,000 Inventory 130,000 Supplies 5,200 Accounts payable 42,000Equipment 160,650 Interest Expense 23,000 Interest revenue 4,900Salaries payable 55,000 Sales revenue 914,000 Unearned revenue34,000 Dividends 22,000 Cost of goods sold 582,000 Warranty expense7,900 Accounts receivable 95,000 Interest receivable (short term)2,300 Depreciation expense 1,700 Required Prepare a multistepincome statement for Eller Equipment Company for 2018. Prepare aclassified balance sheet for Eller Equipment Company for 2018.
