Objective: This discussion forum aims to guide students through Step 5 of the SEC 10-K analysis project, where they prepare financial statements using the financial data provided in the Form 10-K filing. Through this forum, students will share their experiences, discuss challenges encountered, and ensure compliance with generally accepted accounting principles (GAAP) in presenting accurate and informative financial statements. Discussion Guidelines: 1. Income Statement Preparation: Share your selected company's process for preparing the income statement using the financial data extracted from the Form 10-K. Discuss the key components of the income statement and how they reflect the company's financial performance. Highlight any adjustments made to ensure compliance with GAAP principles. 2. Balance Sheet Preparation: Describe the approach to preparing the balance sheet based on the financial information in Form 10-K. Identify the main sections of the balance sheet and their significance in assessing the company's financial position. Discuss any GAAP requirements or considerations taken into account during the preparation process. 3. Statement of Cash Flows Preparation: (This topic is covered in ACCT-221) Explain the methodology used to prepare the statement of cash flows using the data from the Form 10-K. Discuss the three main sections of the statement of cash