(a) Prepare a multiple-step income statement. The following trial balance was taken from the books of Fisk Corporation on December 31, 2020 Debit Credit Account S 19.000 Cash 40,000 Accounts Receivable 10,000 Notes Receivable $ 1.800 Allowance for Doubtful Accounts 34.000 Inventory 4,800 Prepaid Insurance 100,000 Equipment 15,000. Accumulated Depreciation-Equip. 10.800 Accounts Payable 44.000 Common Stock 55.000 Retained Earnings 260.000 Sales Revenue 126,000 Cost of Goods Sold 10,000 Notes Payable 50.000 Salaries and Wages Expense 12.800 Rent Expense $196,600 $396,600 Totals At year-end, the following items have not yet been recorded. Insurance expired during the year, $2,000. b. Depreciation on equipment, 10% per year on original cost. d. Interest at 6% is receivable on the note for one full year. e Rent paid in advance at December 31, 55,400 (originally charged to expense). Accrued salaries and wages at December 31, 55,800 On Sep 1, 2020, the company borrowed $10,000 cash by signing a note payable due in one year at interest Instructions (a) Prepare the necessary adjusting entries. (b) After preparing the adjusting entries, prepare the necessary closing entries