CASE 2- FINANCIAL STATEMENTS Karamat Inc. is an Omani multinational retail corporation that operates a chain of hypermarkets. The company furnishes the following accounts data for the year ended, December 31, 2022.

DETAILS	AMOUNT (OMR)
Sales	10,000 (multiply with your birth month)
Sales Discounts	100 (do minus 1 to your birth month then multiply)
Sales Returns and Allowances	50 (do minus 1 to your birth month then multiply)
Interest Revenue	250 (multiply with your birth month)
Cost of Goods Sold	1,800
Interest Expenses	840
Advertising Expenses	620
Sales Salaries Expenses	400
Depreciation Expenses Office Equipment	700
Office Supplies Expenses	120
Insurance Expenses	900
Rent (50% for administrative expenses and 50% for selling expenses)	290
Profit on Sale of Asset	1,500
Interest on capital	220
Accidental loss	125
Rent from sub let	280
The Company has opening retained earnings of OMR 45,000. And a dividend of OMR 3,000.

You are required to: a) Draw up a Multiple Step Income Statement for the year ended 31 December 2022 (5 Marks) b) Show closing entries along with preparation of Statements of Retained Earnings. (4 Marks)