Prepare financial statements P5-3B Mackey Department Store is located near the Village Shopping Mall. At the end of and adjusting and closing he company's calendar year on December 31, 2017, the following accounts appeared in two of its trial balances. (LO 4, 5) Unadjusted Adjusted Unadjusted Adjusted 75,000 75,000 80,000 176,600 76,600 28,000 2,400 4,800 4,800 108,000 108,000 14,500 4,300 8,000 728,000 728,000 12,000 Accounts Payable Accounts Receivable 79,300 80,300 Inventory 50,300 50,300 Mortgage Payable 80,000 Accumulated Depr.-Buildings 42,100 52,500 Owner's Capital Accumulated Depr-Equipment 29,600 42,900 Owner's Drawings Buildings 28,000 9,600 290,000 290,000 Prepaid Insurance 23,800 23,800 Property Tax Expense 412,700 412,700 Property Taxes Payable Cost of Goods Sold 23,700 Salaries and Wages Expense Depreciation Expense Insurance Expense Interest Payable 110,000 10,000 Sales Commissions Expense 7,200 12,000 9,000 4,000 Sales Commissions Payable Sales Returns and Allowances Sales Revenue Utilities Expense 10,200 8,000 11,000 3,000 Interest Revenue 4,000 (a) Net income $129,100 (a) Prepare a multiple-step income statement, an owner's equity statement, and a classi- Owner's capital $277,700 fied balance sheet. $25,000 of the mortgage payable is due for payment next year (b) Journalize the adjusting entries that were made. (c) Journalize the closing entries that are necessary