This assignmentbuilds off your submission from Module 2 which included analysis of BE Electric Bikes for May and June. This assignment will build on the trial balance information for May and June to...

This assignmentbuilds off your submission from Module 2 which included analysis of BE Electric Bikes for May and June. This assignment will build on the trial balance information for May and June to create a set of financial statements. To make sure everyone is starting from the same point,after the Module 2 assignment deadline passes a solution for the Module 2 homework will be provided. This assignment involvesthe use of Exceland involves to parts (as summarized below).Part 1 (4points): Added details related the months of May and June have been discovered and the accounting records need to be updated. To help understand the changes the transaction as originally presented (fromModule 2) as well as the updated information are presented below. Update the trial balances for May and June to reflect the newly available information for each of the following:AORIG MAY 1Ben and Elon both invested $50,000 cash intothe business (total amount invested was $100,000).UPDATEDMAY 1BE Electric Bikes was authorized to sell 10,000 shares of $10 par value common stock. Ben and Elon both purchased 4,000 shares of stock (total of 8,000 shares) from the corporation in exchange for $50,000 cash. The total amount that was invested into BE was $100,000. BORIG MAY 31DNo transaction presented.UPDATEDMAY 31DBE is concerned that some of the customers with outstanding balances at the end of the month of May will not pay. In order to properly account for this possibility, BE decides to use an “allowance account.” Based on review of the Accounts Receivable balance at the end of the month it is determined that 2.5% of the Accounts Receivable may not be collected. Record the entry to create the allowance account balance of $40 ($1,600 * .025) CORIG JUNE 30ENo transaction presented.UPDATEDJUNE 30EBased on review of the Accounts Receivable balance at the end of the month it is determined that 2.5% of the Accounts Receivable may not be collected. Record the entry to adjust the allowance account balance to $48 ($1,900 * XXXXXXXXXXDORIG JUNE 30FNo transaction presented.UPDATEDJUNE 30FElon decided he did not want to be a 50% owner of the company anymore. Ben did not want to purchase his stock as an individual. Therefore, the company (BE) repurchased 1% of Elon’s stock by exchanging $2,000 in cash. The cash was paid by BE Electric Bikes to Elon.Part 2(21points): Prepare the following financial statements for BE Electric Bikes:1.Multi-step Income Statement(May and June)2.Statement of Equity(May and June)3.Classified Balance Sheet.(May 31 and June 30)When preparing the financial statements,only one set of account labels should be needed. Similar to the trial balance from Module 2, columns for May and June can be placed next to each other and share the set of account labels. If an account is not used for one of the months, you can enter a zero.Proper headings, dollar signs,and underlines should be used. As appropriate, proper formulas and cell links should be used within Excel. A partialincome statement example is presentedbelow.Continuing on the example above, below gross profit,you will have operating expenses(with detail of expenses shown), operating income,non-operating items, and net income. All accounts should be listed in stand-alone format.Do not add or combine accounts. This assignment should move pretty quick as you are simply pulling information from the provided trial balanceafter updating for Part 1.