Parkland Technologies Inc. began 2020 with inventory of $21,000. During the year, Parkland purchased inventory costing $125,000 and sold goods for $150,000, with all transactions on account. Parkland ended the year with inventory of $31,000. Parkland prepared the following journal entries under the periodic inventory system at year end: E (Click the icon to view the journal entries.) Requirements 1. Post to the Inventory and Cost of Goods Sold accounts. 2. Compute cost of goods sold by the cost-of-goods-sold model. 3. Prepare the December 2020 income statement of Parkland Technologies Inc. through gross profit. Requirement 1. Post the beginning balance(s) and all entries to the Inventory and Cost of Goods Sold accounts. (Leave any unused cells blank.) Inventory Cost of Goods Sold End bal. End bal. Requirement 2. Compute cost of goods sold by the cost-of-goods-sold model. Plus: Goods available Less: Cost of goods sold Requirement 3. Prepare the December 2020 income statement of Parkland Technologies Inc. through gross profit. Parkland Technologies Inc. Income Statement For the Year Ended December 31, 2020 Gross profit