Prepare Tran Department Store's multi-step income statement for the year ended December 31, 2020. Assume ending Merchandise Inventory is $29,200. TRAN DEPARTMENT STORE Adjusted Trial Balance December 31, 2020 Balance Account Title Debit Credit Cash $ 6,550 Accounts Receivable 68,300 Merchandise Inventory beginning) 30,200 Office Supplies 350 Furniture 70,400 Accumulated DepreciationFurniture $ 14,800 Accounts Payable 23,500 Salaries Payable 2.100 Unearned Revenue 11,800 Notes Payable, long-term 26,400 Common Stock 50,000 Retained Earnings 12,300 Dividends 71,200 Sales Revenue 316,800 Sales Returns and Allowances 5,300 Sales Discounts 3,500 Purchases 239,720 Purchase Returns and Allowances 91,200 Purchase Discounts 4,800 Freight In 480 Selling Expense 33.800 Administrative Expense 21.100 Interest Expense 2.800 Total $553,700 $553,700 Requirements 1. Prepare Tran Department Store's multi-step income statement for the year ended December 31, 2020. Assume ending Merchandise Inventory is $29,200. (11 marks) 2. Williams, manager of the company, strives to earn a gross profit percentage of at least 50%. Did Tran Department Store's achieve this goal? Show your calculations