Reference no: EM132740952

Question - You are provided with the following list of account balances for Cove Corp. for the year ended June 30, 2020.

Cove Corporation June 30, 2020

Prepaid rent $1,300

Rent expense 15,500

Patent 10,000

Accumulated depreciation 4,300

Depreciation expense 2,000

Cost of Goods

Sold 37,500

Inventory 9,700

Income tax expense 771

Income tax payable 442

Retained earnings (June 30, 2019) 12,340

Bank loan payable, due December, 2020 600

Bank loan payable, due December, 2025 63,000

Dividends declared and paid 210

Accounts receivable 750

Sales revenue 80,000

Accounts payable 7,800

Cash 4,304

Interest expense 72

Equipment 66,000

Salary expense 24,500

Common shares (1,000 shares) 3,600

Unearned revenue 525

Required - You are required to make the following in proper format:

1. A Multiple-Step Income Statement

2. A Statement of Changes in Equity

3. A classified Statement of Financial Position