On January 1, 2024, the general ledger of Big Blast Fireworks includes the following account balances: The $40,000 beginning balance of inventory consists of 400 units, each costing $100. During January 2024, Big Blast Fireworks had the following inventory transactions: January 3 Purchase 1,9e0 units for $205,200 on account ( $108 each). January 8 Purchase 2,e units for $226,00 on account ( $113 each). January 12 Purchase 2,100 units for $247,800 on account ( $118 each). January 15 Return 150 of the units purchased on January 12 because of defects. systen. January 22 Receive $885,090 from customers on accounts receivable. January 24 Pay $650,000 to inventory suppliers on accounts payable. January 27 Write off accounts receivable as uncollectible, \$3,5e0. January 31 Pay cash for salaries during January, $124,600. The following information is available on January 31, 2024. a. At the end of January, the company estimates that the remaining units of inventory purchased on January 12 are expected to sell in February for only $100 each. [Hint: Determine the number of units remaining from January 12 after subtracting the units returned on January 15 and the units assumed sold (FIFO) on January 19.] b. The company records an adjusting entry for $2,040. for estimated future uncollectible accounts. c. The company accrues interest on notes payable for January. Interest is expected to be paid each December 31 . d. The company accrues income taxes at the end of January of $13,300. Post-closing \begin{tabular}{|c|c|c|} \hline \multicolumn{2}{|c|}{ BIG BLA ST FIREWORKS } \\ Multiple-Step Income Statement \\ \hline For the Year Ended January 31, 2024 \\ \hline & & \\ \hline Gross Profit & & 5 \\ \hline & & 0 \\ \hline & & \\ \hline & & \\ \hline Total Operating Expenses & & \\ \hline Operating Income & & \\ \hline & & \\ \hline Income Before Taxes & & \\ \hline & & \\ \hline \end{tabular} jas a9uepeg > \begin{tabular}{|c|c|} \hline & \\ \hline \\ \hline & \\ \hline% & :5! olyes dyoud 55046 \\ \hline \\ \hline & \\ \hline seu!l & \\ \hline \\ \hline \\ \hline \end{tabular} Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Journal Renuired" in the first arrount field.) \begin{tabular}{|c|c|c|c|c|c|} \hline 14 & January 31 & Income Tax Expense & & 13,300 & \\ \hline & & Income Taxes Payable & & & 13,300 \\ \hline \multirow[t]{2}{*}{15} & January 31 & Sales Revenue & & 915,000 & \\ \hline & & Retained Earnings & 2 & & 915,000 \\ \hline \multirow[t]{6}{*}{16} & January 31 & Retained Earnings & & & \\ \hline & & Cost of Goods Sold & & & \\ \hline & & Salaries Expense & & & 124,000 \\ \hline & & Bad Debt Expense & & & 2,040 \\ \hline & & Interest Expense & 0 & & 300 \\ \hline & & Income Tax Expense & 8 & & 13,300 \\ \hline \end{tabular} Income Statement Analysis