Sydney Publishers selected accounts as of 30 November 2020 follow: Selling expenses $18 100 Inventory $44 000 Furniture 37 300 Cash 36 100 Sales returns and allowances 3 000 Loan payable 21 700 Salary payable 1 400 Accumulated depreciation 23 100 Sydney, capital 29 400 Cost of sales 53 000 Sales revenue 114 200 Sales discounts 2 400 Accounts payable 13 400 General expenses 9 300 Requirements: 1. Prepare the functional format income statement, statement of changes in equity and balance sheet for the first year of operations. 2. Prepare closing entries for the first year of operations.