The following account titles and balances were taken from the adjusted trial balance of King Co. for 2018. 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 $ 4,100 800 3,100 161,000 7,100 22,200 3,250 91,000 400 13,200 9,100 11,300 3,100 4,100 2,050 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