Selected amounts from the accounting records of Pretty Tree Markets for the year ended December 31, 2020, follow. (Click the icon to view the accounting records.) Required 1. Pretty Tree Markets uses the perpetual inventory system. Prepare the business's multi-step income statement for the year ended December 31, 2020. 2. Compute the rate of inventory turnover for the year. The inventory balance on December 31, 2019, was $39,000 and on December 31, 2020, was $46,000. Last year the turnover rate was 3.47 times. Does this two-year trend suggest improvement or deterioration in inventory turnover? 3. Compute the gross margin percentage, and compare it with last year's value of 47 percent for Pretty Tree Markets. Does this two-year trend suggest better or worse profitability during the current year? Requirement 1. Pretty Tree Markets uses th Accounting records ecember 31, 2020 Begin with the heading, and then complete t Dec. 31 Sales Revenue 283,000 Interest Revenue 2,400 285,400 Income Summary Income Summary 31 240,100 Cost of Goods Sold 1,00 Sales Discounts 9,000 Sales Returns and Allowances 4,900 38,200 17,000 31 45,300 Selling Expenses General Expenses Income Summary B. Maple, Capital B. Maple, Capital B. Maple, Withdrawals 45,300 31 36,000 36.000