a. Prepare the adjusting entry required to update the inventory and related accounts at December 31. Update the affected accounts. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If a journal entry is not required, select "No entry required" for each account name and enter 0 as the amount.)

b. Prepare a multiple-step statement of income for the year. c. Prepare a statement of changes in equity for the year. (Enter negative amounts using either a negative sign preceding the number, e.g. -25 or parentheses e.g. (25).) d. Prepare a statement of financial position as at December 31. (List Current assets in order of liquidity. List Property, plant and equipment in order of land, building and equipment.)

Concord Athletic Wear Inc.s adjusted trial balance amounts (with the exclusion of the adjusting entry to update Inventory and Cost of Goods Sold accounts) appear in alphabetical order as follows on December 31, 2021, the end of its fiscal year:

Accounts payable		$108,460		Inventory, Jan. 1		$53,460
Accounts receivable		58,344		Land		99,000
Accumulated depreciationbuildings		68,376		Mortgage payable		165,000
Accumulated depreciationequipment		56,628		Prepaid insurance		3,168
Administrative expenses		238,788		Property tax payable		6,336
Buildings		250,800		Purchases discounts		29,700
Cash		22,440		Purchase returns and allowances		8,448
Common shares		69,300		Purchases		530,112
Deferred revenue		10,956		Refund liability		5,456
Dividends declared		10,560		Retained earnings		90,552
Equipment		145,200		Salaries payable		4,620
Freight in		7,392		Sales		840,840
Income tax expense		21,120		Selling expenses		10,560
Interest expense		13,728

Additional information:

1.		Concord Athletic Wear uses a periodic inventory system.
2.		A physical inventory count determined that Inventory on December 31, 2021, was $95,832.
3.		Of the mortgage payable, $16,500 is due in the next year.
4.		Common shares of $33,000 were issued during the year.