Q-2) The list of accounts of Guardian Company contained the following information: Accounts Amounts Sales 750,000 Sales Returns and Allowances 20,000 Rent Expense 5,000 Purchases 600,000 Sales Discounts 7.000 Purchase Returns and Allowances 25.000 Cost of Goods Sold ? Interest Revenue 15.000 Sales commission 15,000 Purchase Discounts 11,000 Interest Expense 10,000 Freight-out 2,000 Store Salaries Expense 50,000 Freight-in 19,000 Utilities Expense 28,000 Depreciation Expense 7,000 Dividend revenue 5,000 Beginning inventory 45,000 Rent Revenue 10,000 Ending inventory 55,000 Lawsuit defrayal expense 8000 Accumulated depreciation 15000 Instruction: Use the above information to prepare a multiple-step income statement for the year ended December 31, 2019. (Show the calculation of COGS) (20 marks) Q-3) On September 1, Salt Supply had an inventory of 15 backpacks at a cost of $25 each. The company uses a perpetual inventory system. During September, the following transactions and events occurred. Sept. 4 Purchased 70 backpacks at $25 each from Jenks, terms 2/10, n/30. FOB destination $100. Sept. 6 Received credit of $150 for the return of 6 defective backpacks purchased on Sept.4 that had a scrap value of $10 each. Sept. 9 Sold 40 backpacks for $35 each to McGill Books, terms 1/10, n/30. FOB shipping point $100. Sept. 13 Sold 15 backpacks for $35 each to Calvin Office Supply, terms n/30 Sept. 14 Paid Jenks in full. Instruction: Journalize the September transactions for Salt Supply assuming perpetual system. (5*2m=10 marks)