The following is an alphabetical list of GBC Inc.'s adjusted account balances at the end of the company's fiscal year on November 30, 2023: Prepar financial statements and closing entriesperiodic system and earnings approach using Excel to calculate all subtotals and totals and to present your F/S in GOOD FORM Accounts payable Payable 42310 Merchandise inventory Inventory 34360 Accounts receivable 23770 Mortgage payable 106000 Accumulated depreciationbuilding 61200 Prepaid insurance 4500 Accumulated depreciationequipment 19880 Property tax expense 3500 Building 175000 Purchases 635000 G Brown, capital 104480 Purchase discounts 6300 G Brown drawings 12000 Purchase returns and allowances 13315 Cash 8500 Rent revenue 2800 Depreciation expense 14000 Salaries expense 122000 Equipment 57000 Salaries payable 8500 Freight in 5060 Sales 872300 Freight out 8200 Sales discounts 8250 Insurance expense 9000 Sales returns and allowances 9845 Interest expense 5300 Unearned revenue 3000 Land 85000 Utilities expense 19800 Additional facts: 1. GBC Inc. uses a periodic inventory system. 2. Of the mortgage payable, $10000 is due on March 31, 2024. 3. A physical count determined that merchandise inventory on hand at November 30, 2023, was $42,000. 4. The owner made no capital contributions during the year. Instructions a.Prepar a multiple-step income statement, statement of owner's equity, and classified balance sheet for the November 30, 2023, year end. b.Prepar the closing journal entries. c.Post closing entries to the Merchandise Inventory and capital accounts. Check that the balances in these accounts are the same as the amounts on the balance sheet. d.If you had not been told that GBC Inc. uses a periodic inventory system, how could you have determined that? What information(hint at least 4 things here) is available in a periodic inventory system that is not available in a perpetual inventory system?