Instructions Journalize the April transactions for (1) Swa Obj. 3 PR 5-5B Multiple-step income statement and balance sheet e: for the fiscal year ended June 30, 2018 2000 The following selected accounts and their current balances appear in the ledger of Kanpur Co. $ 381,000 Retained Earnings $92,000 450,000 Dividends 370,000 5,000 300,000 8,925,000 5,620,000 rE Cash Accounts Receivable Inventory Estimated Returns Inventory Office Supplies Sales Cost of Goods Sold Sales Salaries Expense Advertising Expense Depreciation Expense Store Equipment 850,000 10,000 420,000 12,000 Prepaid Insurance Office Equipment 220,000 33,000 Accumulated Depreciation- Miscellaneous Selling Expense Office Salaries Expense bale-oan58,000 650,000 18,000 Office Equipment Store Equipment Accumulated Depreciation- 540,000 Rent Expense ma nont bor 87,500 48,000 ma03 24,000 Store Equipment Insurance Expense Accounts Payable Customers Refunds Payable Salaries Payable Note Payable (final payment due 2034) Common Stock 38,500 Depreciation Expense- oabo Office Equipment 10,000 10,000 4,000 Office Supplies Expense Miscellaneous Administrative 4,000 140,000 Exp. Interest Expense Obl2 6,000 50,000 12,000 o s golinuc Chapter 5 Accounting for Merchandising Businesses 279 Instructions 1. Prepare a multiple-step income statement. 2. Prepare a retained earnings statement. 3. Prepare a balance sheet, assuming that the current portion of the note payable is $7,000. Briefly explain how multiple-step and single-step income statements differ. 4