CASE NO#1-FINANCIAL STATEMENTS Target Corporation is an American retail corporation. It is a general merchandise retailer with stores in all 50 U.S. states and the District of Columbia. 75% of the U.S. population lives within 10 miles of a Target store. The tagline of the company is "Expect More. Pay Less." The Corporation provides an adjusted Trial Balance as of December 31, 2019 which is given below: Details Debit Debit OMR OMR Cash 34,400 Merchandise inventory 32,000 Inventory returns estimated 4.000 Store equipment 75.900 Accumulated depreciation-store equipment 22.000 Office equipment 60,000 Accumulated depreciation office equipment 15.000 Accounts payable 35.000 Sales refund payable 7,000 Notes payable 2.200 Common stock 31.000 Retained earnings 109,700 Dividends 48.000 Sales 335,000 Sales discounts 8.000 Sales returns and allowances 15.500 Selling expenses 33,500 General and administrative expenses 19,800 Interest expense 800 Merchandise Inventory - opening 20.000 Purchases 240,000 Purchase discounts 25.000 Purchase returns and allowances 15,000 Transportation in 5.000 Total 596,900 596,900 Closing Merchandising Inventory of the Corporation is OMR 29,000. You are required to prepare the following financial statements from the above information as on 31 December 2019: ) A Statement of Cost of Goods Sold ii) A Multiple-Step Income Statement iii) A Statement of Retained Eamings iv) You are required to draft a report on the Financial Performance of the business