The following account titles and balances were taken from the adjusted trial balance of Prince Co. for Year 2. The company uses the periodic inventory system.

Sales returns and allowances $11,700

Miscellaneous expense $6,300

Transportation-out $19,300

Sales $21,400

Advertising expense $930

Salaries expense $163,000

Transportation-in $3,350

Purchases $21,250

Interest expense $59,500

Merchandise inventory, January 1 $333,000

Rent expense $9,300

Merchandise inventory, December 31 $6,850

Purchase returns and allowances $11,450

Loss on sale of land $5,300

Utilities expense $12,500

a. Prepare a schedule to determine the amount of cost of goods sold.

b. Prepare a multistep income statement. c. Prepare a single-step income statement.