Problems: O 1. Abecd Accounting, Inc. sells accounting textbooks. The following information summarizes Abecd Accounting's operating activities for the year. Merchandise Inventory, January 1 $12,000 Merchandise Inventory, December 31 5,000 Purchases 87,100 Selling and Administrative Expenses 56,000 248,900 Sales Revenue Required: Prepare Abecd Accounting, Inc.'s income statement for the year ended December 31. I