Based on the following, prepare a multi-step income statement Accounts payable $12,569 Sales $365,258 Merch. Inventory $32,256 Sales Expenses $79,245 Other Income: Rent Revenue $2,400 Prepaid Expense $5,663 Sales Returns & Allowances $4,364 Administrative Expenses $62,542 Wages Payable $3,600 COGS $199,241 Sales Discounts $2,247 Sales Tax Payable $10,471 Drawing $15,000 Based on the information in exercise 3, prepare closing entries. Determine the amount to be paid within the discount period and all returns are made before payment was made