2 Prepare a multi-step income statement for Train Co. with the following data for the year ending December 31 , 2020 1. Supplies Expense 2. Advertising Expense 3. Administrative expense 4. Sales 5. Cost of Goods sold 6. Interest expense on notes payable 4,700 7. Selling Expense 2,000 8. Sales Returns and allowances 950 9. Rent Expense 55,000 10. Insurance expense 22,500 11. Sales discounts 900 12. Loss on Sale of Equipment 3504,40013,0002,5009004,000 You are considering purchasing 850 units of inventory. Requirements: 1. Determine which supplier offers the lowest net cost. 2. Which company provided the best deal (A or B )? 3. What was the total price for all units from that company? 4. Using the company which yielded the better price a. Journalize the purchase price (for any freight debit Merchandise Inventory and credit cash in a separate entry) b. Payment within the discount period (be sure to take any discount) c. a cash refund of 12 defective units (remember you took a discount on the purchase price)