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Ice Crystal Inc. has recorded all necessary adjusting entries, except for income tax expense, at its fiscal year end May 3 1 , 2 0

Ice Crystal Inc. has recorded all necessary adjusting entries, except for income tax expense, at its fiscal year end May 31,2023. The following information has been taken from the adjusted trial balance:
Cash 119,000
Inventory 402,000
Sales 1,240,000
Interest Expense 35,000
Notes Payable 126,000
Unearned Revenue 33,000
Retained Earnings (June 1,2022)12,500
Salaries Expense 110,000
Supplies Expense 25,000
Accounts Payable 45,000
Income tax Payable 0
Common shares 162,825
Accounts receivable 115,825
Cost of goods sold 800,000
Insurance expenses 12,500________
$1,619,325 $1,619,325
For the fiscal year, Ice Crystal Inc. has a tax rate of 13%
Instructions - Please answer the below three questions. Note: USE Excel for linking the numbers from the above trial balance (link by using = and then clicking on the cell). Also use formulas in Excel for any calculations.
a) Prepare a multi-step income statement and the required journal entry to adjust income tax expense.
b) Prepare a statement of retained earnings. Assume no dividends were declared during the year.
c) Prepare closing entries.

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