December 31, 2016, Pack-and-Deliver Company completed itsfirst year of operations. The following information has beenprovided for the year:a. Sold packing supplies for $30,000 and provided $280,000 of delivery services.b. All packing supplies sales were for cash.C. Collected $212,000 of delivery service revenue.d. Paid $15,000 cash to rent packing equipment, with $10,000 for rental in 2016 and the remaining amount for rental in 2017.e. Spent $4,000 cash to repair delivery equipment during the year.f. Bought packing supplies at a total cost of $46,000 and paid for $25,000 of these supplies. There were $20,000 of these supplies that have not yet been sold or used.g. Paid employees $80,000 during the year.h. Paid $16,000 for advertising for the year.i. Paid 5$55,000 to rent facilities. Pack-and-Deliver has not yet paid the $5,000 rent for December 2016.j. Used $14,000 in fuel for the delivery equipment.k. Sold investments for $8,000 that had been purchased earlier in the year for $7,000.I. Ordered $500 in spare parts and supplies.m. Income tax expense for the year is $18,000.n. The average number on common stock outstanding is 31,500RequiredPrepare a muti-step income statement for Pack-and-Deliver company for the year ended Dec 31,2016
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