es Problem 3-24A (Algo) Preparing a schedule of cost of goods sold and multistep and single-step income statements: Periodic system (Appendix) LO 3-2, 3-6, 3-9 The following account titles and balances were taken from the adjusted trial balance of King Co. for Year 2. The company uses the periodic inventory system. Account Title Sales returns and allowances Miscellaneous expense Transportation-out Sales Advertising expense Salaries expense. Transportation-in Purchases Balance $ 4,600 1,200 3,600 165,000 7,600 22,700 3,450 96,000 Rent expense Interest expense 650 Merchandise inventory, January 1 14,200 9,500 Merchandise inventory, December 31 11,000 3,600 4,600 2,300 Purchase returns and allowances Loss on sale of land Utilities expense Required a. Prepare a schedule to determine the amount of cost of goods sold. b. Prepare a multistep income statement. c. Prepare a single-step income statement Complete this meetin Complete this quest Required A Required B Required C Prepare a schedule to determine the amount of cost of goods sold. (Amounts to be deducted should be indicated with minu sign.) KING CO. Schedule of Cost of Goods Sold For the Year Ended December 31, Year 2 Cost of goods available for sale Cost of goods sold Required A Required B > Sales KING CO. Income Statement For the Year Ended December 31, Year 2 Net sales Operating expenses Total operating expenses Non-operating items Total non-operating items Prepare a single-step income statement. Sales KING CO. Income Statement For the Year Ended December 31, Year 2 Net sales Operating expenses Total expenses Non-operating items Net income (loss)