Question 1 [40 points] The work sheet for United Corporation is shown below. Complete the classified multi-step income statement on the right United Corporation Income Statement For the year ended December 31, 2014 Balance Sheet and Statement of Changes in Equity Debit Credit 28,500 22.000 X X X X X + + + + + 1 1 1 1 1 Income Statement Debit Credit Accumulated Depreciation, Office Equipment Accumulated Depreciation, Office Fixtures. Advertising Expense 103,500 Cost Of Goods Sold 120,000 Depreciation Expense, Office Equipment 8,500 Depreciation Expense, Office Fixtures 6,000 Dividends Income Taxes Expense 9 400 Income Taxes Payable Liabilities Merchandise Inventory Office Equipment Office Fixtures Office Supplies Expense, 34 000 33,500 9.400 252.500 195 500 218,500 162,000 United Corporation Income Statement For the year ended December 31, 2014 X X X X X X Balance Sheet and Income Statement of Statement Changes in Equity Debit Credit Debit Credit Accumulated Depreciation, Office Equipment 28,500 Accumulated Depreciation, Office Fixtures 22,000 Advertising Expense 103,500 Cost Of Goods Sold 120,000 Depreciation Expense, Office Equipment 8,500 Depreciation Expense, Office Fixtures 6.000 Dividends 33 500 Income Taxes Expense 9,400 Income Taxes Payable 9.400 Liabilities 252.500 Merchandise Inventory 195.500 Office Equipment 218.500 Office Fixtures 162 000 Office Supplies Expense 34.000 Rent Earned 218,500 Rent expense office space 85,000 Rent expense, selling space 44,500 Retained Earnings 83 000 Sales 354 500 Sales Discounts 10,000 Sales Returns and Allowances 15 500 Share Capital 176 500 Store Supplies Expense 99 000 Totals 535 400 573.000 609 500 571.900 Net Income 37 600 37,600 Totals 573 000 573 000 609.500 609 500