King Cornelius Company uses a perpetual inventory system. The adjusted trial balance of King Cornelius Company follows: (Click the icon to view the adjusted trial balance.) Read the requirements. Requirement 1. Prepare the company's multi-step income statement, statement of retained earnings, and balance sheet in report form for year ended December 31, 2024. Note: King Cornelius doesn't separate its operating expenses as either selling or administrative. Begin by preparing the multi-step income statement for the year ended December 31, 2024. (Use a minus sign or parentheses to show other expenses.) Read the requirements. Net Income King Cornelius Company Adjusted Trial Balance December 31, 2024 Balance Data table Data table Requirements 1. Prepare the company's multi-step income statement, statement of retained earnings, and balance sheet in report form for year ended December 31, 2024. Note: King Cornelius doesn't separate its operating expenses as either selling or administrative. 2. Journalize the closing entries at December 31, 2024. Post to the Income Summary account as an accuracy check on net income. Recall that the credit balance closed out of Income Summary should equal net income as computed on the income statement. Also post to Retained Earnings, whose balance should agree with the amount reported on the balance sheet. xtp Accounts Payable Accounts Receivable Accumulated Depreciation-Furniture Cash Common Stock Cost of Goods Sold Depreciation Expense-Furniture Dividends Estimated Returns Inventory Furniture Interest Expense Interest Payable Merchandise Inventory Notes Payable, long-term Office Supplies Prepaid Rent Refunds Payable Rent Expense Retained Earnings Prepaid Rent Refunds Payable Rent Expense Retained Earnings Salaries Expense Salaries Payable Sales Discounts Forfeited Sales Revenue Supplies Expense Unearned Revenue