Please do not give solution in image format thanku Exercise 2 - Creating financial statements:Below is a partial list of financial statement items for the year ending December 31, 2017 forMcDonald's Corporation (some values have been changed for tractability):(1)(2)(3)(5)(6)(7)(8)Item(12)(13)Accounts payableTotal revenues(9)(10)(11) Inventories(14)(15)(16)(17)(18)Common stockCash and cash equivalentsLong-term debtBeginning of period retained earningsAdditional paid-in capitalSelling general, and administrative expensesAccounts receivableCompany-operated restaurant expensesInterest expensePrepaid expenses and other current assetsDividends declared and paidProperty and equipment, netIncome tax expenseNet incomeEnd of period retained earnings• The company did not issue any shares during the yearAmount(in millions)$ 87525,413Required:(1) Prepare McDonald's balance sheet for December 31, 2017.(2) Prepare McDonald's income statement for the year 2017.177,68624,1224,2566,5332,4341,2995,5521006385593,23037,692?14,763?

Income Statement for the year 2017 Particular Revenue 25413 Less: Expenses…

Exercise 2 - Creating financial statements: Below is a partial list of financial statement items for the year ending December 31, 2017 for McDonald's Corporation (some values have been changed for tractability): (1) (2) (3) (5) (6) (7) (8) Item Accounts payable Total revenues Common stock Cash and cash equivalents Long-term debt Beginning of period retained earnings Additional paid-in capital Selling general, and administrative expenses Accounts receivable (9) (10) Company-operated restaurant expenses (11) Inventories (12) Interest expense (13) Prepaid expenses and other current assets Amount (in millions) $ 875 25,413 17 7,686 24,122 4,256 6,533 2,434 1,299 5,552 100 638 559