Taylor Department Store uses a periodic inventory system. The adjusted trial balance of Taylor Department Store at December 31, 2018, follows: (Click the icon to view the adjusted trial balance.) 1. Prepare Taylor Department Store's multi-step income statement for the year ended December 31, 2018. Assume ending Merchandise Inventory is $36,200. 2. Journalize Taylor Department Store's closing entries. 800 $ Taylor Department Store Adjusted Trial Balance December 31, 2018 Balance Account Title Debit Credit Cash 8,300 Accounts Receivable 85,400 Merchandise Inventory (beginning) 37,700 Office Supplies Furniture 87.000 Accumulated DepreciationFurniture 18,000 Accounts Payable 28,600 Salaries Payable 2,500 Unearned Revenue 14,400 Notes Payable, long-term 30,000 Common Stock 30,000 Retained Earnings 47.000 Dividends 89,500 Sales Revenue 385,000 Purchases 296,000 Purchase Returns and Allowances 116,000 Purchase Discounts 6,300 Freight in 700 Selling Expense 42,400 Administrative Expense 26,100 Interest Expense 3,900 $ 677,800 $ 677,800 Total Income Statement Year Ended December 31, 2018 Less: Plus: Less: Gross Profit