Prepare a balance sheet with given information using balances as of Dec. 31. Some of the information given states as of January 1st which is why debit and credit columns do not match if added up.

Part 2 Instructions: Page 2 After all of the transactions for the year ended December 31, 20X1 have been posted (including the transactions recorded in part 1), the data below is given for the December 31 balances, unless otherwise stated. Prepare a multistep income statement, a statement of stockholders' equity, and a classified balance sheet in good form for the year ended December 31, 20X1. Use the Student Input Form (Excel File) to complete the Financials. Credit Debit 30,000 19.000 1,000 5,000 500 2,000 300 2001 1,500 30,500 15,000 7,890 2,000 10,000 500 22,605 1,100 1000 11,000 Cash Accounts receivable Allowance for doubtful accounts Trading Investments Valuation allowance for Trading Investments Merchandise inventory at lower of cost (FIFO) or market Prepaid expenses Interest receivable Investment in Masco Company stock Store buildings and equipment Accumulated depreciation-store buildings and equipment Accounts payable Income tax payable Bonds payable, 10%, due in 10 years Premium on bonds payable Retained earnings, January 1, 20X1 Cash dividends , December 31, 20X1 balance Stock Dividends, December 31, 20X1 balance Common stock, $10 par (100,000 shares authorized; 1100 shares outstanding), January 1, 20X1 Paid-in capital in excess of par-common stock, January 1, 20X1 Paid-in capital from sale of treasury stock, January 1, 20X1 Treasury stock, January 1, 20X1 Sales Gain from sale of investment Unrealized gain(loss) on Trading Investments Dividend revenue Interest revenue Income from Masco Co. investments Cost of goods sold Advertising expense Depreciation expense-store buildings and equipment Miscellaneous selling expenses Sales commissions Office rent expense Office salaries expense Miscellaneous administrative expenses Interest expense Income tax expense 1,100 0 0 70,000 100 960 80 270 2,000 40,000 $1,000 700 500 2,000 5,000 6,000 100 5001 4,000 ABC Corporation, Inc. Balance Sheet December 31, 20X1 (38 points) Assets Liabilities Stockholders' Equity