Current Attempt in Progress The following selected accounts from Kai Corporation's general ledger are presented below for the year ended December 31, 2021: Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common shares Cost of goods sold Depreciation expense $98,000 148,000 573,000 12,000 300,000 1.925,000 278,000 Equipment Income tax expense Insurance expense Inventory Prepaid expenses Retained earnings Salaries expense Sales $1,664,000 132,000 128,000 374,000 45.000 676,000 921,000 3.980.000 (b) Prepare a multiple-step statement of income. KAI CORPORATION Statement of Income (Multiple step) $ At the beginning of the year, Point Claire Shipping Ltd., a company that has a perpetual inventory system, had $55,000 of inventory. During the year, inventory costing $220,000 was purchased. Of this, $26,000 was returned to the supplier and a 5% discount was taken on the remainder. Freight costs incurred by the company for inventory purchases amounted to $2,700. The cost of goods sold during the year was "was $218,000 Nec (b) Prepare the adjusting entry that would be required if the inventory count determined that Point Claire Shipping had inventory with a cost of $22,000 at the end of the year. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry for the accoul titles and enter for the amounts.) Debit Credit Account Titles and Explanation