Springer Trading Company, whose accounting year ends on December 31, had the following normal balances (accounts which are normally debits have debit balances here and visa-versa) in its general ledger at December 31 of the current year. 6,200 Cash Sales 275,000 Accounts Receivable 15,000 Inventory, January 1 49,000 Office Supplies on Hand 1,800 Sales Returns and Allowances 3,100 Sales Discounts 2,900 Prepaid Insurance 2,400 Purchases 185,000 Furniture and Fixtures 12,500 Purchases Returns and Allowances 2,600 Accumulated Depreciation- Furniture and Fixtures 2,500 Purchases Discounts 3,600 Delivery Equipment 40,000 Transportation In 4,800 Accumulated Depreciation-Delivery Equipment 8,000 Delivery Expense 6,200 Sales Salaries Expense 40,000 Accounts Payable 22,300 Advertising Expense 2,400 Long-term Notes Payable 20,000 Rent Expense 7,500 R. Springer, Capital 72,000 Office Salaries Expense 22,000 R.Springer, Drawing 4,000 Utilities Expense 1,200 Rent expense and utilities expense are administrative expenses. During the year, the accounting department prepared monthly statements using worksheets, but no adjusting entries were made in the journals or ledgers. Data for the year-end procedures are as follows: 1) Prepaid insurance at December 31 is $400 (75% of insurance expense is classified as selling expense, and 25% is classified as administrative expense). 2) Office supplies on hand at December 31 is $1,200. 3) Depreciation expense on furniture and fixtures for the year an administrative expense) is $800. 4) Depreciation expense on delivery equipment for the year amounts to $5,000. 5) Salaries payable at December 31 (5600 sales salaries and $300 office salaries) total $900. 6) Inventory at December 31 is 561,000 REQUIRED a) Prepare a multiple-step income statement for the year b) Prepare a balance sheet at December 31. c) Record the necessary adjusting entries in general journal form