Excel Spreadsheet Template Preparing a single-step income Problem 5-6A Items from the accounts of Marchand Distributors at May 31, 2017, follow, listed in alphabeti- cal order. Marchand Distributors uses the perpetual inventory system. For simplicity, the oper- statement and a classified bal ating expenses are summarized in the General Expenses and the Selling Expenses accounts.ance sheet under the perpetual inventory system 0. 1. Net income, $259,600 Accounts Paya b l.51,000 Interest Payable.$ 2,800 Le.107,500 Interest Revenu.e.... 600 Accumulated Amortization_ Inventory, May 31, 201 ..147,100 Equipment.... 6,900 Notes Payable, Long-Term.. 114,800 C. Marchand, Capital. 167,800 Salaries Payable.... 66,900 Sales Discounts. 19,900 Sales Returns and Cash.. Cost of Goods Sold.... 1,086,900 Allowances. Equipment General Expess.06,800 Selling Expense.357,200 Interest Expens.. 26,500 45,900 Sales Revenu.e. .1,991,500 33,100 340,800 9,200 Supplies Unearned Sales Revenue.. 15,200 Required 1. Prepare the business's single-step income statement for the year ended May 31, 2017. 2. Prepare the statement of owner's equity for the year ended May 31, 2017. Prepare Marchand Distributors' classified balance sheet in report format at May 31,2017. 3. Problem 5-7A Use the data in Problem 3-64 to prepare Marchand Distributors' multistep Pretain amducctincome statement and calculating gross statement for the year ended May 31, 2017 margin percentage under the ome + Net perpetual inventory system 1. Net income, $259,600 2. Corry Marchand, owne rof the company, strives to earn a gross margin of at least 50 percent and a net income of 20 percent (Net income percentage Net in sales revenue). Did Marchand Distributors achieve these goals? Show your calculations