P 5-9 (Appendix) Northern Lights Corporation supplies you with the following information applicable to the current year, December 31, 2019. Transportation-in Delivery expense Sales $ 3,000 2,000 100,000 Merchandise inventory (Jan. 1) 12,000 Merchandise inventory (Dec. 31) 15,000 Purchases 70,000 Office supplies expense 7,000 Purchase discounts 4,000 Purchase returns and allowances 6,000 Sales returns and allowances 10,000 5,000 Unused supplies Required: 1. Prepare in proper form a classified, partial income statement including sales, cost of goods sold, and gross profit. 2. Prepare closing entries. 3. What is net income for the year