Hanna Sports is a retailer that specializes in athletic equipment. The corporate strategy is to focus on towns with a population of less than 25,000 people, thereby avoiding head-to-head competition with large retail chains. Following is Hanna's adjusted trial balance for the year 20X7. Hanna's ending inventory is $525,525. HANNASPORTS CORPORATION Adjusted Trial Balance As of December 31, 20X7 Debits Credits $ $644,909 333,654 433,477 488,765 144,895 111,888 500,900 250,000 322,433 25,000 3,665,667 Cash Accounts receivable Inventory, Jan. 1 Equipment Accumulated depreciation Accounts payable Loan payable Capital stock Retained earnings, Jan. 1 Dividends Sales Sales discounts Sales returns and allowances Purchases Purchase discounts Purchase returns and allowances Freight-in Selling expenses Rent expense Interest expense Salaries expense Depreciation expense 23,112 144,367 2,198,560 114,432 26,341 73,091 185,312 262,000 60,400 200,700 63,209 $5,136,556 $5,136556 (a) Prepare a comprehensive income statement. a (b) Prepare closing entries