Can you please answer all the questions and provide a general journal entry as well!, Thanks!

On January 1, 2021, Displays Incorporated had the following account balances: Credit $ Accounts Cash Accounts receivable Supplies Inventory Land Accounts payable Notes payable (6%, due next year) Common stock Retained earnings Totals Debit 36,000 33,000 39,000 69,000 241,000 $ 46,000 34,000 200,000 138,000 $ 418,000 $ 418,000 From January 1 to December 31, the following summary transactions occurred: a. Purchased inventory on account for $344,000. b. Sold inventory on account for $640,000. The cost of the inventory sold was $324,000. c. Received $584,000 from customers on accounts receivable. d. Paid freight on inventory received, $38,000. e. Paid $334,000 to inventory suppliers on accounts payable of $340,000. The difference reflects purchase discounts of $6,000. f. Paid rent for the current year, $56,000. The payment was recorded to Rent Expense. g. Paid salaries for the current year, $164,000. The payment was recorded to Salaries Expense. Year-end adjusting entries: a. Supplies on hand at the end of the year are $4,000. b. Accrued interest expense on notes payable for the year. c. Accrued income taxes at the end of December are $32,000. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Prepare an income statement for the period ended January 31, 2021. Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted - Displays Incorporated Income Statement For the year ended December 31, 2021 Sales revenue Cost of goods sold Gross profit Salaries expense Rent expense Salaries expense Supplies expense 0 Total operating expenses Operating income Interest expense Income before taxes Income tax expense Net income Trial Balance Balance Sheet > Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Prepare a classified balance sheet as of January 31, 2021. Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted - Displays Incorporated Balance Sheet December 31, 2021 Assets Liabilities $ $ Current Assets: Cash Accounts receivable Inventory Supplies Current Liabilities: 36,000 Accounts payable 33,000 Notes payable 69,000 Interest payable 39,000 Income tax payable 46,000 34,000 177,000 80,000 Total Current Assets Noncurrent Assets: Land Total Liabilities Stockholders' Equity Common stock Retained earnings 241,000 200,000 138,000 Total Stockholders' Equity Total Liabilities & Stockholders' Equity 338,000 418,000 Total Assets | $ 418,000 $ Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Using the information from the requirements above, complete the 'Analysis'. (Calculate the ratios to the nearest 1 decimal place.) Analyze the following for Displays Incorporated (a) Suppose Displays Incorporated decided to maintain its internal records using FIFO but to use LIFO for external reporting. Assuming the ending balance of inventory under LIFO would have been $108,000, calculate the LIFO reserve. LIFO reserve is: 13,000 (b) Assume Displays Incorporated $69,000 beginning balance of inventory comes from the base year with a cost index of 1.00. The cost index at the end of 2021 of 1.1. Calculate the amount the company would report for inventory using dollar-value LIFO. Ending inventory using dollar-value LIFO: $ 111,900 (c) Indicate whether each of the amounts below would be higher or lower when reporting inventory using LIFO (or dollar-value LIFO) instead of FIFO in periods of rising inventory costs and stable inventory quantities. 1. Inventory turnover ratio 2. Average days in inventory 3. Gross profit ratio Higher under LIFO Lower under LIFO Lower under LIFO