Question 2 (12 marks) Hardy Cement Ltd. (HCL) has asked you to help them prepare one of their financial statements. You have requested a list of their accounts and balances, and HCL has provided you the following information: Cash $ 49,000 Inventory $ 312,000 Unearned revenue 1,100 Sales revenue 1,036,000 Salaries expense 318,000 Prepaid insurance 2,200 Cost of goods sold 512,000 Interest revenue 1,600 Equipment 324,000 Dividends 25,000 Advertising expense 32,000 Common shares 35,000 Insurance expense 10 Depreciation expense 18,000 Sales discounts 16,000 Telephone expense 83,000 Interest expense 3,000 Long-term loan payable 275,000 Retained earnings 42,300 Gain on sale of truck 4,000 Your first thought is "what a mess!" When you contact HCL, the manager assures you that all adjusting entries have already been made, and that all of the income statement accounts have been provided, but due to a computer glitch, some balance sheet accounts were included. Required Prepare a multi-step income statement for HCL in good form. (NOTE: not all of the listed accounts are needed). Assume HCL has a 25% income tax rate