Problem 4-28A Preparing schedule of cost of goods sold and multistep and single-step income statements: Periodic system (Appendix) LO 4-9 The following account titles and balances were taken from the adjusted trial balance of King Co. for Year 2. The company uses the periodic inventory system. Account Title Balance Sales returns and allowances $ 11,500 Miscellaneous expense 6,100 Transportation-out 19,100 Sales 21,200 Advertising expense 918 Salaries expense 161,000 Transportation-in 3,250 Purchases 20,750 Interest expense 58,500 Merchandise inventory, January 1 331,000 Rent expense 9,100 Merchandise inventory, December 31 6,750 Purchase returns and allowances 11,350 Loss on sale of land 5,100 Utilities expense 12,300 Required a. Prepare a schedule to determine the amount of cost of goods sold. (Amounts to be deducted should be indicated with minus sign.) b. Prepare a multistep income statement. KING CO. Income Statement For the Year Ended December 31, Year 2 Sales Net sales Operating expenses Total operating expense c. Prepare a single-step income statement. KING CO. Income Statement For the Year Ended December 31, Year 2 Sales Net sales Operating expenses Total expenses Non-operating items Net income (loss)