The following are selected account balances for Zuma Company for the year ending December 31, 2020: Accounts Payable Accounts Receivable Cash Freight-in Merchandise Inventory (1/1/20) Merchandise Inventory (12/31/20) Purchases Purchase Returns & Allowances Purchases Discounts Sales Sales Returns & Allowances Total Selling Expenses Total Administrative Expenses Withers, Capital Withers, Withdrawals $63,000 $82,000 $95,000 $3,000 $140,000 $80,000 $252,000 $33,000 $12,000 $596,000 $36,000 $72,000 $53,000 $660,000 $100,000 REQUIRED: 1) Prepare the multiple-step income statement under the Periodic System.Highlight Nets Sales, Cost of Goods Sold, Gross Margin, and Net Income. 2) Prepare the necessary closing entries