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. 4:59 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 Utilitie expense Balance $ 11,600 6,200 19,200 21,300 920 162,000 3,300 21,000 59,000 332,000 9, 200 6,800 11,400 5,200 12,400 Required a. Prepare a schedule to determine the amount of cost of goods sold. (Amounts to be deducted should be indicated with minus sign.) Saved 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 Saved KING CO. Income Statement For the Year Ended December 31, Year 2 Sales Sales returns and allowances Transportation-out Net sales $ $ 0 Operating expenses Total expenses Non-operating items 0