5 Required: 1. Prepare journal entries to record the preceding transactions. 2. Post your entries to T-accounts. (Don't forget to enter the beginning inventory balances above.) 3. Prepare a schedule of cost of goods manufactured. 4A. Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. 4B. Prepare a schedule of cost of goods sold. 5. Prepare an income statement for the year. 2 points Complete this question by entering your answers in the tabs below. eBook Reg 1 Reg 2 Reg 3 Reg 4A Reg 4B Reg 5 Print Prepare an income statement for the year. References $ 1,400,000 1,400,000 Froya Fabrikker A/S Income Statement For the Year Ended Sales Cost of goods sold Gross margin Selling and administrative expenses: Utilities expense Advertising expense Salaries expense Depreciation expense Rent expense 140,000 130,000 270,000 $ 1,130,000 Net operating income