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Cash Aber Corporation's balance sheet at December 31, 2020, is presented below. ABER CORPORATION Balance sheet December 31, 2020 $30,500 Accounts payable $13,750 Inventory 25,750 Bond interest payable 3,000 Prepaid insurance 5,600 Bonds payable 50,000 Equipment 38,000 Common stock 20,000 Retained earnings 13,100 Total $99,850 $99,850 During 2021, the following transactions occurred. Aber uses a perpetual inventory system. 1. Aber paid $3,000 interest on the bonds on January 1, 2021. 2. Aber purchased S241,100 of inventory on account. 3. Aber sold for $450,000 cash inventory which cost $250,000. Aber also collected $27,000 sales taxes. 4. Aber paid $50,000 on accounts payable. 5. Aber paid $3,000 interest on the bonds on July 1, 2021. 6. The prepaid insurance $5,600 expired on July 31. 7. On August 1. Aber paid $10,200 for insurance coverage from August 1, 2021, through July 31, 2022 8. Aber paid $17.000 sales taxes to the state. 9. Paid other operating expenses, $91,000. 10. Retired the bonds on December 31, 2021, by paying $48,000 plus $3,000 interest 11. Issued $90,000 of 8% bonds on December 31, 2021, at 104. The bonds pay interest every June 30 and December 31. Adjustment data: 1. Recorded the insurance expired from item 7. 2. The equipment was acquired on December 31, 2020, and will be depreciated on a straight-line basis over 5 years with a $3,000 salvage value 3. The income tax rate is 30%. (Hint: Prepare the income statement up to income before taxes and multiply by 30% to compute the amount.) Instructions (a) Prepare journal entries for the transactions listed above and adjusting entries. (b) Prepare a multiple step income statement for the year ending December 31, 2021