Rockin Rick Music Company uses a perpetual inventory system. The adjusted trial balance of Rockin Rick Music Company at June 30, 2024, follows: (Click the icon to view the adjusted trial balance.) Read the requirements Requirement 1. Prepare Rockin Rick's multi-step income statement for the year ended June 30, 2024. (Use a minus sign or parentheses to show other expenses.) Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Selling Expenses Rockin Rick Music Company Income Statement Year Ended June 30, 2024 $ 190,000 85,500 104,500 19,000 Administrative Expenses) 15,500 Total Operating Expenses 34,500 Operating Income 70,000 Other Income and (Expenses): Interest Expense Sales Discounts Forfeited Total Other Income and (Expenses) Net Income (Loss); (1,200) 400 (800) 69,200 Requirement 2. Joumalize Rockin Rick's closing entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)