insen Draw Page Layout Formulas Data Review View Help PROTECTED VIEW Be carefulfiles from the Internet can contain viruses. Unless you need to edit, it's safe to stay in Protected View Enable Editing > f A B D E F G H The Canton Company started business on January 1, Year One. They are a chain of fast food restaurants in Northeastern Ohio. In Year One, the company made a net income of $100,000 and paid cash dividends of $30,000. At the end of Year Two, the company has the following accounts and their appropriate balances. LE! RATAR Account Repair Expense Cost of Goods Sold Advertising Expense Inventory Dividends Paid in Year Two Accounts Payable Salary Payable Land and Equipment Contributed Captial (Capital Stock) Notes Payable (Due in Year Six) Salary Expense Loss on Sale of Equipment Sales Revenue Income tax Expense Cash Accounts Receivable Amount 10,000 170,000 10,000 120,000 80,000 40,000 10,000 300,000 120,000 210,000 40,000 10,000 470,000 30,000 50.000 100,000 Problem Income Statement StRE Balance Sheet Type here to search RI E a Help ECTED VIEW Be carefulfiles from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing f D E F H B Contributed Captial (Capital Stock) Notes Payable (Due in Year Six) Salary Expense Loss on Sale of Equipment Sales Revenue Income tax Expense Cash Accounts Receivable 120,000 210,000 40,000 10,000 470,000 30,000 50,000 100,000 1 Using the format in the next tab and proper formulas, prepare an Income Statement for the Canton Company for Year Two. 2 Using the format in the next tab and proper formulas, prepare a statement of Retained Earnings for the Canton Company for Year Two. 3 Using the format in the next tab and proper formulas, prepare a Balance Sheet for the Canton Company for Year Two. Problem Income Statement Stmt RE Balance Sheet Type here to search o RA a ch