Can you please answer the excercise above?

Cost of Goods Sold K AA Problem 5-9A Financial Statements LO2 3 A list of accounts for Lloyd Inc. at December 31, 2017, follows: Accounts Receivable $56,359 Net purchases Retained Eamings, January 1, 2017 Salanes Payable Net sales Transportation in Utities Expense Wages and Salaries Expense Wages Payable $ 61,608 28.252 Advertising Expense 12,000 Capital Stock Cash Dividends 50,000 650 22.340 111,760 6,000 375 Income Tax Expense 1,450 1450 1800 Income Tax Payable 23.000 Inventory January 1, 2017 December 31, 2017 120 6400 5.900 Required 1. Determine cost of goods sold for 2017. 2. Determine net income for 2017. 3. Prepare a balance sheet dated December 31, 2017. X