Paraphrased from Survey of Accounting, 2nd Edition, but inspired by you! The following selected accounts and their current balances appear in the ledger of Paul's Company for the fiscal year ended, October 31 2005: Accounts Payable $500 Accrued Liabilities $200 Capital Stock $1,000 Cash $600 Cost of Goods Sold $500 Income Taxes $250 Interest Income $100 Inventories $850 Goodwill $250 Other Assets $475 Other Liabilities $400 Property Plant and Equipment $1,500 Receivables $150 Retained Earnings (prior) $1,200 Sales $1,525 Selling, General and Admin $350 Please prepare Paul's Income Statement and Balance sheet based upon this information. HINT: Adjustments to Retained Earnings will have to be made