HTUUIU II wThe following are selected account balances for Withers Company for the year ending December 31, 2019: Accounts Payable S63.000 Accounts Receivable $82,000 Cash S95,000 Freight-in 53.000 Merchandise Inventory (171719) S120,000 Merchandise Inventory (12/31/19) 590,000 Purchases $262,000 Purchase Returns & Allowances $33,000 Purchases Discounts $12.000 Sales S566,000 Sales Returns & Allowances 36,000 Total Selling Expenses $92,000 Total Administrative Expenses Withers, Capital Withers, Withdrawals $43,000 S660,000 $100,000 REQUIRED: 1) Prepare the multiple-step Income statement under the Periodic System (the way we did in class). Highlight Nets Sales, Cost of Goods Sold, Gross Margin, and Net Income. 2) Prepare the necessary closing entries