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The following account titles and balances were taken from the adjusted trial balance of King Company for Year 2 . The company uses the periodic

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 Balance
Sales returns and allowances $ 3,560
Miscellaneous expense 915
Transportation-out 2,230
Sales 162,900
Advertising expense 6,350
Salaries expense 22,500
Transportation-in 3,980
Purchases 92,500
Interest expense 265
Merchandise inventory, January 111,500
Rent expense 12,300
Merchandise inventory, December 3111,000
Purchase returns and allowances 2,160
Loss on sale of land 3,160
Utilities expense 1,880
Required:
Prepare a schedule to determine the amount of cost of goods sold.
Prepare a multistep income statement.
Prepare a single-step income statement.

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