Project Data Mowgli Corporation adjusted trial balance for fiscal year ending December 31, 2020. Dr. Cr. Cash $31.000 Accounts Receivable $92,000 Inventory (beginning) $20,000 Estimated Returns Inventory 55.000 Land $9.000 Orice equipment S22,000 Accumulated Depreciation equip. $20,000 Building S248,000 Accumulated Depreciation-Bldg. 594,000 Patent $26,000 Accounts Payable $73,000 Customer Refunds Payable $2.000 Interest Payable $14,000 Unearned Revenue $22,000 Notes Payable S125.000 Capital S80,000 Drawings S29,000 Sales $206.600 Purchases S106,000 Purchases Returns and Allowances $1,000 Purchase Discounts 5500 Freight-in $300 Insurance Expense 56.000 Interest Expense S8.000 Repair Expense 55.000 Salaries Expense $17.600 Advertising Expense $1,200 Depreciation Expense S11,000 Utilities Expense $1.000 5638,100/5638.100 Other Information: Inventory on hand at December 31, 2020 is $60,000 (Hint: this is ending inventory). Estimated Returns Inventory increased $5,000 (Hint: Include in COGS and Closing Entry). Administrative expenses include: Insurance, Repair, Utilities, and Depreciation. Selling expenses include: Advertising and Salaries. $50,000 of the Notes Payable is payable next year (Hint: classified as current) Instructions Prepare a (1) multiple step income statement (20pts), (2) statement of owners' equity (5pts), (3) classified balance sheet (20pts), and (4) closing entry (5pts)