Exercise 5-13 Selected amounts from the accounting records of Waldron Video Sales for the year ended December 31, 2017, follow: Excel Spreadsheet Template Preparing a merchandiser's multi-step income statement under the perpetual inventory system to evaluate the business 06 1. Net income, 528,800 Journal Entries Dec 31 Sales Revenue 281,400 Interest Revenue 1,800 Income Summary 283,200 31 254,400 Income Summary Cost of Goods Sold Sales Discounts Sales Returns and Allowances Selling Expenses 161,200 12,600 6,900 57,800 15.900 General Expenses 31 28,800 Income Summary B. Waldron, Capital 28,800 31 28,000 B. Waldron, Capital R Wave Canal B. Waldron, Withdrawals 28,000 Required 1. Waldron Video Sales uses the perpetual inventory system. Prepare the business's multi- step income statement for the year ended December 31, 2017 2. Compute the rate of inventory turnover for the year. The inventory balance on December 31, 2016, was $25,400 and on December 31, 2017, was $28,600. Last year the tumover rate was 5.42 times. Does this two-year trend suggest improvement or deterioration in inven- tory turnover