Financial Statement Preparation AssignmentRequired:Prepare a statement of financial position, multi-step income statement and statement of retained earnings in proper financial statement format for Marmidan Corporation Inc. for the year ended December 31, 2015 from the company’s pre-closing trial balance below. Marmidan Corporation Inc. is a private corporation that was incorporated on January 1, 2015. Your solution must be typed, font 12 and submitted with a cover sheet containing your name and student i.d. number.                                                                                             Debit                            CreditPrepaid expenses                                                        $      25,693Land (cost)                                                                       120,000Building (cost)                                                                 149,398Accrued liabilities                                                                                                       37,100Sales                                                                                                                          754,750Selling expense                                                                176,035Interest income on investments                                                                                    8,000Gain on sale of investments                                                                                        45,095                                                                                                              Building, accumulated depreciation                                                                             3,845Income tax payable                                                                                                     14,370         Accounts receivable, trade                                               158,395                                                                                                                             Goodwill (cost)                                                                  25,930Cash                                                                                   10,810Bank operating line of credit                                                                                      10,000Equipment (cost)                                                             243,450 General and administrative expenses                              145,760                                                                                                                      Inventory                                                                           89,194Accounts payable                                                                                                        37,899Dividends payable                                                                                                        2,000       Financial expenses                                                            15,000           Loan payable to shareholder due on demand                                                                3,743Income tax expense                                                            8,370H.s.t.  payable                                                                                                                9,157Bond payable, 4%, repayable $12,000 per year until maturity                                 120,000Customer deposits payable                                                                                         10,900    Equipment, accumulated depreciation                                                                        47,195Common shares                                                                                                         450,000Cost of goods sold                                                           375,250                            1554054Dividends declared                                                            10,769                                                                                              1554054         Marmidan Corporation Inc.Income statementFor the year ended December 31, 2015$Sales 754,750 Less: cost of goods sold (375,250) Operating income 379,500 Interest income on investments 8,000 Gain…

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