Oceana Art Supply Company uses a perpetual inventory system. Record the following transactions during August 2019: Aug. 5: Purchased $4,900 of merchandise on account. Freight and credit terms were FOB shipping point, 3/15, 1/60. Aug. 9: Paid transportation costs of $440 for the Aug. 5 purchase. Aug 10: Sold $8,000 of merchandise on account to Tipsy Art, credit terms 2/10, 1/30. Cost of goods sold is $5,000. Aug. 10: Returned $900 of defective merchandise that had been purchased on Aug. 5. Aug. 15: Received payment from Tipsy (within the discount period). Aug 17: Paid (within the discount period) for the merchandise purchased on Aug. 5. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). TTTF - Format - Arial 3 (12pt) %D09 T'T fx Mashups HTML CSS DATE 8/5 ACCOUNT TRANSACTION DEBIT 4,900 8/9 Merchandise Inventory Accounts Payable Accounts Payable Cash *** Merchandise Inventory 8/10 ERSTE 8/10 FEE 8/15 8/17 The balances of the accounts appearing in the ledger of Oceana Art Supply are listed below in the Adjusted Trial Balance for the year Create a Multi-Step Income Statement in good form for the company for the year 2018.(20 Points.) Oceana Art Supply Adjusted Trial Balance December 31, 2018 Debit Credit Cash $12,600 Accounts Receivable 2,400 Prepaid Rent 800 Merchandise Inventory 30,000 Accounts Payable $4,200 Salaries Payable 1,000 Notes Payable 500 Common Stock 10,000 Retained Earnings 8,120 Dividends 1,000 Sales Revenue $1,500 Sales Discounts Forfeited 530 Interest Revenue 2501 Cost of Goods Sold 21,000 Salaries Expense (Admin Exp) 15,000 Rent Expense (Admin Exp) 9,000 Selling Expense (Selling Exp) 5,500 Supplies Expense (Selling Exp) 500 Income Tax Expense 5,900 Total $106.700 $15.700 1