Show me the steps to solve $\backslash$table$[[$ELLER EQUIPMENT COMPANY$],[$Balance Sheet$],[$As of December $31,$ Year $1],[$Assets$],[$Cash$,,906,000,],[$Merchandise inventory,$$,129,000,,],[,129,000,],[$Accounts receivable,,$91,000,],[$Notes receivable,,$15,500,],[$Prepaid rent,,$21,000,],[$Supplies$,,4,800,],[$Interest receivable,,$1,900,],[$Total current assets,,,$1,169,200],[$Property$,$ plant and equipment$],[$Equipment$,210,700,,],[$Less: Accumulated depreciation,$49,000,259,700,],[$Land$,,78,000,],[$Total property, plant and equipment,,,$337,700],[$Total assets,,,$1,506,900],[$Liabilities and Stockholders' Equity$],[$Current liabilities$],[$Accounts payable,,$38,000,],[$Salaries payable,,$51,000,],[$Unearned revenue,,$30,000,],[$Warranties payable,,$4,800,],[$Interest payable,,$9,000,],[$Total current liabilities,,,$132,800],[$Long$-$term liabilities$],[$Notes payable,,$143,000,],[$Total long$-$term liabilities,,,$143,000],[$Total liabilities,,,$275,800],[$Stockholders$\text{'}$ equity$],[$Common stock,,$93,000,],[$Retained earnings$],[$Total stockholders' equity,,,$93,000],[$Total liabilities and stockholders' equity,,,$368,800,]]$ Required

Use the following information to prepare a multistep income statement and a classified balance sheet for Eller Equipment Company for

Year $1.($Hint: Some of the items will not appear on either statement, and ending retained earnings must be calculated.$)$

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Income

Statement

Balance Sheet

Prepare a multistep income statement for Eller Equipment Company for Year $1.$

Note: Amounts to be deducted should be indicated with a minus sign.

ELLER EQUIPMENT COMPANY

Income Statement