The following account titles and balances were taken from the adjusted trial balance of King Co. for Year 2. The company uses the periodic inventory system. Account Title Sales returns and allowances Miscellaneous expense Transportation-out Sales Advertising expense Salaries expense Transportation-in Purchases Interest expense Merchandise inventory, January 1 Rent expense Merchandise inventory, December 31 Purchase returns and allowances Loss on sale of land Utilities expense Balance $ 10,900 5,500 18,500 20,600 850 155,000 2,950 19, 250 55,500 325,000 8,500 6,450 11,050 4,500 11,700 Required a. Prepare a schedule to determine the amount of cost of goods sold. (Amounts to be deducted should be indicated with minus sinn) Required a. Prepare a schedule to determine the amount of cost of goods sold. (Amounts to be deducted should be indicated with minus sign.) KING CO. Schedule of Cost of Goods Sold For the Year Ended December 31, Year 2 Cost of goods available for sale 0 Cost of goods sold $ 0 Income Statement For the Year Ended December 31, Year 2 Sales Net sales $ 0 0 Operating expenses Total operating expense 0 0 $ Non-operating items $ 0 KING CO. Income Statement For the Year Ended December 31, Year 2 Sales $ 0 Net sales Operating expenses Total expenses 0 Non-operating items Net income (loss) $ 0