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On January $1,2024,$ the general ledger of Big Blast Fireworks includes the following account balances:

Accounts Debit Credit

Cash $$23,900$

Accounts Receivable $41,500$

Allowance for Uncollectible Accounts $$5,100$

Inventory $40,000$

Land $76,600$

Accounts Payable $27,400$

Notes Payable $(9\%,$ due in $3$ years$)40,000$

Common Stock $66,000$

Retained Earnings $43,500$

Totals $$182,000$ $$182,000$

The $$40,000$ beginning balance of inventory consists of $400$ units, each costing $$100.$ During January $2024,$ Big Blast Fireworks had the following inventory transactions:

January $3$ Purchase $1,900$ units for $$205,200$ on account $($$$108$ each$).$

January $8$ Purchase $2,000$ units for $$226,000$ on account $($$$113$ each$).$

January $12$ Purchase $2,100$ units for $$247,800$ on account $($$$118$ each$).$

January $15$ Return $150$ of the units purchased on January $12$ because of defects.

January $19$ Sell $6,100$ units on account for $$915,000.$ The cost of the units sold is determined using a FIFO perpetual inventory system.

January $22$ Receive $$885,000$ from customers on accounts receivable.

January $24$ Pay $$650,000$ to inventory suppliers on accounts payable.

January $27$ Write off accounts receivable as uncollectible, $$3,500.$

January $31$ Pay cash for salaries during January, $$124,000.$

The following information is available on January $31,2024.$

At the end of January, the company estimates that the remaining units of inventory purchased on January $12$ are expected to sell in February for only $$100$ each. $[$Hint: Determine the number of units remaining from January $12$ after subtracting the units returned on January $15$ and the units assumed sold $($FIFO$)$ on January $19.]$

The company records an adjusting entry for $$2,040$ for estimated future uncollectible accounts.

The company accrues interest on notes payable for January. Interest is expected to be paid each December $31.$

The company accrues income taxes at the end of January of $$13,300.$

$4.$ Prepare a multiple$-$step income statement for the period ended January $31,2024.$