Question #1 - Financial Statement Headings (6 points ) The Snow Hill Skiing Company needs to prepare its Income Statement and Balance Sheet. They are preparing the results for the quarter (3 months) which ended December 31, 2020. Required: (a) Prepare the heading for the Income Statement (b) Prepare the heading for the Balance Sheet Question #2 - FIFO Inventory (6 points) The Boy Bike Co. uses the Perpetual inventory system had the following February 2021 activity with their bikes inventory: Beginning inventory - 13 bikes @ cost of $174 February 3 'd purchase - 8 bikes @ cost of $182 February 7th purchase - 20 bikes @ cost of $188 February 10th purchase - 7 @ $ 192 February 18th purchase - 10 bikes @ $138 On February 15th, the Boy Bike Co. sold 44 bikes for $360 each. Required: (a) Calculate the Cost of Goods Sold for the February 15 th sale using FIFO (b) What is the ending inventory after the February 15 th sale using FIFO ? Question #3 - Depreciation (6 points ) The Blue Hat Co. purchased new equipment at a total cost of $202,600. The equipment will be used in their new factory for an estimated 12 years. It is estimated that the equipment will only be worth $7,200 in 12 years. The Blue Hat Co. must calculate the depreciation for this new equipment for its year ended December 31. The new equipment was purchased and put in use on May 1, 2019. Required