Singh Corporation had the following summary transactions for the year ended December 31, 2023. The transactions were recorded using a perpetual system:

1. Sales of $800000 were all on account. The terms were n/30, FOB Destination The cost of the goods sold was $600000

2. Sales returns totalled $8,800. The cost of the merchandise returned to Singh Corporation was $5,800.

3. Collected $714000from customers.

4. Purchased equipment that cost $133,000, paying $45,000 cash and financing the rest by signing a notes payable. The depreciation on this equipment for the year was $12,500.

5. The owner, A. Vitone, invested $93,000 cash. Over the year, the owner withdrew $12,000.

6. Inventory was purchased on account for $542,100. It was purchased from suppliers with the terms n/30, FOB Shipping. Freight costs paid were $16,700.

7. Suppliers were paid $493,600 for inventory purchases on account over the year.

8. Interest on the note payable will not be due until next year. Interest calculations for this year total $3,800.

9. Supplies purchased over the year cost $6,200. The physical count on the last day of the year confirmed $2,500 on hand.

10. The following costs were paid this year: $150,000 for salaries, $25000 for advertising, $23,000 for rent, $13,000 for utilities, and $13,200 for repairs.

Required

Below prepar the following and return your completed work on this Excel spreadshet

A. Journalize the transactions for Singh Corporation, using the perpetual inventory system.

B. Post your Journal Entries to their respective ledger accounts

C. Creat a multi-step Income Statement for the year based on the above transactions including Gross profit,Gross profit margin % and mark up %