1. The following accounts appeared in the trial balance of the Nordfolk Inc. at the end of the fiscal year on November 30, 2020.

Notes Payable	$ 30300	Accounts payable	$ 25300
Owners capital	101,700	Accounts receivable	30500
Loss on disposal of Equipment	7500	Accumulated Depreciation - Equipment	45000
Prepaid Insurance	3600	Cash	51000
Property tax Expense	3800	Cost of goods sold	457,000
Property taxes payable	2500	Freight-out	4700
Rent Expense	22000	Equipment	206300
Salaries and wages expense	135000	Depreciation Expense	13500
Sales revenue	850,000	Insurance Expense	850
Sales commissions Expense	17000	Interest Expense	11050
Sales commissions payable	4500	Interest revenue	4500
Sales returns and allowances	10500	Inventory	29000
Utilities Expense	55000	Sales Discounts	5500

(a) Prepare a multiple-step Income Statement for the year ended November 30, 2020 [15]

(b) Assumer closing entries have been done already, prepare a post-closing trial balance at November 30, 2020. [13]