.II LTE GD.Comparable Income Statement Instru...Comparative Income Statements Using ExcelFor this assignment, you will use your accounting knowledge and spreadsheet skills to prepare comparative multi-step income statements, including common size information. This comprehensive problem is not a group assignment, and you are to complete it without sharing your work with others inside or outside the course.Problem Information:The owners of The Shop Around the Corner have asked you to prepare comparative income statements for the fiscal years ended January 31,2023 and 2024. To aid in their analysis, the owners would also like you to provide common size information with the comparative statements (vertical analysis). They have provided an alphabetical list of account names and balances for the store on the second page. All accounts have normal balances.Guidelines:Use Excel to prepare a professional work product for the owners. Fit the financial information on one worksheet in printready form.Refer to the format on the third page to prepare The Shop Around the Corner's income statements. Notice that it uses the multi-step format and also includes columns for common size information. Use the numbers provided as check figures.Refer to chapter 4 of the textbook if you are not sure what should be classified as Nonoperating Items.List expense accounts separately and show expenses as negative numbers.Provide common size information for all statement line items, not just subtotals and totals.Format numbers as follows:Use commasUse brackets () for negative numbersUse whole numbers for dollar amounts (zero places behind the decimal point)Right align; do not centerUse dollar signs ($) where appropriate on the financial statementsUse two decimal places (e.g.,50.46 and 8.42) for the common size information, no percent signsPay attention to the placement of underlines, both single and double, and centering of column headingsMake use of Excel formulas wherever possible.DashboardCalendaro Do9NotificationsInboxall LTE G).Comparable Income Statement Instru...Professional appearance1250The Shop Around the Corner Account Balances\table[[1/31/231/31/24],[Accounts Payable,42.400,38,750],[Accounts Receivable,33,500,],[53,200],[Advertising Expense,2,500,2,750],[Building,145,000,166,800],[Cash,7,500,12,600],[Common Stock,48,000,],[48,000],[Cost of Goods Sold,184,350,208,245],[Dividends,32,000,38,000],[Equipment,64,000,65,400],[Gain on Sale of Land,0,2,000],[Insurance Expense,10,500,12,000],[Interest Expense,3,200,4,500],[Interest Payable,1,200,1,800],[Interest Receivable,1,000,0],[Interest Revenue,2,300,600],[Internet/Cable Expense,3,000],[3,000],[Inventory,48,500,63,250],[Land,94,630,70,440],[Notes Payable,60,000,75,000],[Prepaid Insurance,8,000,9,500],[Rent Expense,7,200,8,400],[Retained Earnings,245,230,274,740],[Salaries Expense,36,000,37,520],[Salaries Payable,3,800,4,300],[Sales,346,400,394,710],[Sales Returns .II LTE GD.Comparable Income Statement Instru...Comparative Income Statements Using ExcelFor this assignment, you will use your accounting knowledge and spreadsheet skills to prepare comparative multi-step income statements, including common size information. This comprehensive problem is not a group assignment, and you are to complete it without sharing your work with others inside or outside the course.Problem Information:The owners of The Shop Around the Corner have asked you to prepare comparative income statements for the fiscal years ended January 31,2023 and 2024. To aid in their analysis, the owners would also like you to provide common size information with the comparative statements (vertical analysis). They have provided an alphabetical list of account names and balances for the store on the second page. All accounts have normal balances.Guidelines:Use Excel to prepare a professional work product for the owners. Fit the financial information on one worksheet in printready form.Refer to the format on the third page to prepare The Shop Around the Corner's income statements. Notice that it uses the multi-step format and also includes columns for common size information. Use the numbers provided as check figures.Refer to chapter 4 of the textbook if you are not sure what should be classified as Nonoperating Items.List expense accounts separately and show expenses as negative numbers.Provide common size information for all statement line items, not just subtotals and totals.Format numbers as follows:Use commasUse brackets () for negative numbersUse whole numbers for dollar amounts (zero places behind the decimal point)Right align; do not centerUse dollar signs ($) where appropriate on the financial statementsUse two decimal places (e.g.,50.46 and 8.42) for the common size information, no percent signsPay attention to the placement of underlines, both single and double, and centering of column headingsMake use of Excel formulas wherever possible.DashboardCalendaro Do9NotificationsInboxall LTE G).Comparable Income Statement Instru...Professional appearance1250The Shop Around the Corner Account Balances\table[[1/31/231/31/24],[Accounts Payable,42.400,38,750],[Accounts Receivable,33,500,],[53,200],[Advertising Expense,2,500,2,750],[Building,145,000,166,800],[Cash,7,500,12,600],[Common Stock,48,000,],[48,000],[Cost of Goods Sold,184,350,208,245],[Dividends,32,000,38,000],[Equipment,64,000,65,400],[Gain on Sale of Land,0,2,000],[Insurance Expense,10,500,12,000],[Interest Expense,3,200,4,500],[Interest Payable,1,200,1,800],[Interest Receivable,1,000,0],[Interest Revenue,2,300,600],[Internet/Cable Expense,3,000],[3,000],[Inventory,48,500,63,250],[Land,94,630,70,440],[Notes Payable,60,000,75,000],[Prepaid Insurance,8,000,9,500],[Rent Expense,7,200,8,400],[Retained Earnings,245,230,274,740],[Salaries Expense,36,000,37,520],[Salaries Payable,3,800,4,300],[Sales,346,400,394,710],[Sales Returns