2.) Following is the year-end adjusted trial balance for Fred's Corner Grocery for the current year: Fred's Corner Grocery Adjusted Trial Balance December 31 Cash... Accounts receivable.. Merchandise inventory. Store supplies.... Accounts payable Salaries payable. Common stock Retained earnings. Dividends. Sales... Sales returns & allowances Sales discounts. Cost of goods sold. Sales salaries expense.. Advertising expense. Store salaries expense. Store supplies expense. Interest expense... Totals..... Dr. Cr. $ 67,500 46,000 60,000 800 16,000 850 20,000 105,630 45,000 550,000 4,500 4,250 382,450 44,000 8,150 24,325 450 5.055 $692.480 $692 480 On the following pages, prepare a multi-step income statement (25 points) and the closing entries at December 31 for the current year (25 points)