prepare Multi step income statement also

View Policies Current Attempt in Progress The following selected information is presented for Pronghorn Limited for the year ended February 28, 2018. Pronghorn uses a periodic inventory system. Accounts receivable $34,570 Purchases $279,260 Administrative expenses 126,360 Purchase discounts 37,719 Common shares 89,020 Purchase returns and lowances 21.400 Dividends declared 42,130 Sales 454,220 28,770 Freight in 8,960 Sales discounts 15,940 Income tax expense 9,320 Sales returns and allowances 7610 Selling expenses 8,350 Interest expense 4.630 Inventory. Mar. 1. 2017 56,830 Uneared revenue Inventory. Feb. 28, 2018 72.940 -710 Prepare the year-end adjusting entry that would be made to update the Inventory and Cost of Goods Sold accounts. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Feb. 28