Required information Problem 2-38A (Algo) Closing the accounts LO2-3, 2-8 [The following information applies to the questions displayed below) The following selected accounts and account balances were taken from the records of Nowell Company. Except as otherwise indicated, all balances are as of December 31, Year 2, before the closing entries were recorded. Problem 2-38A (Algo) Part a Required a. Prepare the income statement Nowell would include in its Year 2 annual report. Required a. Prepare the income statement Nowell would include in its Year 2 annual report