Question 1 (30 marks) Nathan New started a business, Nothing New, a proprietorship, in 2016. Nothing New used the periodic inventory system. Nothing New's accounts included the following at July 31, 2018: Nathan New, Capital Accounts Payable $60,000 241,800 Nathan New, Withdrawals 110,000 Accounts Receivable 50,000 Accumulated Amortization, Purchases Furniture 80,000 1,200,000 Salary Payable Bank Loan, Long Term 130,000 15,000 Sales Discounts Cash 30,000 20,000 Sales Returns & Allowances Furniture 320,000 40,000 Sales Revenue General Expenses 200,000 2,000,000 Selling Expenses Interest Expense 400,000 8,000 Interest Payable Supplies 1,000 20,000 Unearned Sales Revenue Interest Revenue 200 10,000 Inventory, July 31, 2017 140,000 Required: A. Prepare a single-step income statement for Nothing New at July 31, 2018 year end. Inventory was valued at $ 200,000 at July 31, 2018 based on a physical count. B. Prepare the statement of owner's equity for Nothing New at July 31, 2018 C. Prepare a classified balance sheet for Nothing New at July 31, 2018