Comprehensive Problem 2 Part 8: You must complete parts 1, 2, 3, 4, 6 and 7 before attempting to complete part 8. Note: part 5 is optional. 1. Prepare an income statement. Palisade Creek Co. Income Statement For the Year Ended May 31, 20Y7 $fill in the blank 2 fill in the blank 4 $fill in the blank 6 Expenses: Selling expenses: $fill in the blank 8 fill in the blank 10 fill in the blank 12 fill in the blank 14 fill in the blank 16 Total selling expenses $fill in the blank 17 Administrative expenses: $fill in the blank 19 fill in the blank 21 fill in the blank 23 fill in the blank 25 Total administrative expenses fill in the blank 26 Total expenses fill in the blank 27 Net income $fill in the blank 28 2. Prepare a statement of owner's equity. Palisade Creek Co. Statement of Owner's Equity For the Year Ended May 31, 20Y7 $fill in the blank 30 $fill in the blank 32 fill in the blank 34 fill in the blank 36 $fill in the blank 38 3. Prepare a balance sheet. Palisade Creek Co. Balance Sheet May 31, 20Y7 Assets Current assets: $fill in the blank 40 fill in the blank 42 fill in the blank 44 fill in the blank 46 fill in the blank 48 Total current assets $fill in the blank 49 Property, plant, and equipment: $fill in the blank 51 fill in the blank 53 Total property, plant, and equipment fill in the blank 54 Total assets $fill in the blank 55 Liabilities Current liabilities: $fill in the blank 57 fill in the blank 59 fill in the blank 61 Total liabilities $fill in the blank 62 Owner's equity fill in the blank 64 Total liabilities and owner's equity