Income Statement & Closing Entries 30 marks 45 minutes The following is a list of Carol's Calculators' adjusted account balances at the end of the company's fiscal year on November 30, 2021: Accounts payable $ 32,310 Merchandise inventory 34,360 Accounts receivable 13,770 Mortgage payable 156,000 Accumulated depreciation-building 61,200 Prepaid insurance 4,500 Accumulated depreciation-equipment 19,880 Property tax expense 3,500 Building 175,000 Purchases 634,700 C. Stewart, capital 104,480 Purchase discounts 6,300 C. Stewart, drawings 12,000 Purchase returns and allowances 13,315 Cash 8,500 Rent revenue 2,800 Depreciation expense 14,000 Salaries expense 122,000 Equipment 57,000 Salaries payable 8,500 Freight in 5,060 Sales 822,000 Freight out 8,200 Sales discounts 8,250 Insurance expense 9,000 Sales returns and allowances 9,845 Interest expense 5,300 Unearned revenue 3,000 Land 85,000 Utilities expense 19,800 Additional facts: Carol's Calculators uses a periodic inventory system. Of the mortgage payable, $8,500 is due on March 31, 2022. A physical count determined that inventory on hand at November 30, 2021, was $37,350. The owner made no capital contributions during the year. Instructions a. Prepare an income statement in multiple step format, statement of owner's equity, and (classified) balance sheet for the November 30, 2021, year end. b. Prepare the closing journal entries.