The following account titles and balances were taken from the adjusted trial balance of King Company 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 Required 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 KING COMPANY Schedule of Cost of Goods Sold For the Year Ended December 31, Year 2 Complete this question by entering your answers in the tabs below. Cost of goods available for sale Balance $ 8,600 860 11,100 326,000 11,800 56,000 6,500 Required A Required B Required c Prepare a schedule to determine the amount of cost of goods sold. (Amounts to be deducted should be indicated with minus sign.) Cost of goods sold 156,000 5,600 18,600 $ < Required A 19,500 20,700 3,000 4,600 11,000 0 Required B > Required A Required B Required C Prepare a multistep income statement. (Enter amounts to be deducted and losses with a minus sign.) Sales Net sales KING COMPANY Income Statement For the Year Ended December 31, Year 2 Operating expenses Total operating expense Non-operating items < Required A $ $ 0 0 0 0 0 Required C > Required A Required B Required C Prepare a single-step income statement. (Enter amounts to be deducted and losses with a minus sign.) Sales KING COMPANY Income Statement For the Year Ended December 31, Year 2 Net sales Operating expenses Total expenses Non-operating items Net income (loss) < Required B $ $ 0 0 0 Required C >