Problem II The following are selected account balances for Withers Company for the year ending December 31, 2020: Accounts Payable Accounts Receivable Cash Freight-in Merchandise Inventory (1/1/20) Merchandise Inventory (12/31/20) Purchases Purchase Retums & Allowances Purchases Discounts Sales Sales Returns & Allowances Total Selling Expenses Total Administrative Expenses Withers, Capital Withers, Withdrawals $63,000 $82,000 $95,000 $3,000 $140,000 $80,000 $252,000 $33,000 $12,000 $596,000 $36,000 $72,000 $53,000 $660,000 $100,000 REQUIRED: 1) Prepare the multiple-step income statement under the Periodic System (the way we did in class). Highlight Nets Sales, Cost of Goods Sold, Gross Margin, and Net Income. 2) Prepare the necessary closing entries