Question 2 Craig Ferguson Company had the following account balances at yearend: Cost of Goods Sold $TU.DDD; Inventory $115133; ICtperating Expenses $33,001]; Sales Revenue $12B,UUD; Sales Discounts $1,4DI]; and Sales Returns and Allowances $1.950. A physical count of inventory determines that inventory on hand is $16,45. Instructions: {a} Prepare the adjusting entry necessary as a result of the physical count. (ls) Prepare closing entries. [c] Assume that the physical count of inventory indicated that inventory on hand is $1?.BDU {the account still shows a balance of $1?,5EJEI due to errors made during the year. Prepare the adjusting entry necessary as a result of the physical count. (d) 1v'v'hat is Craig Ferguson Company's net income for the year