The following is an alphabetical list of Yusuf adjusted account balances at the end of the company's fiscal year on December $31,2024$:Prepare financial statements and closing entriesperiodic system.Accounts Payable$86300$Interest revenue$1050$Accounts receivable$44200$Land$75000$Accumulated depreciationbuilding$51800$Merchandise inventory$40500$Accumulated depreciationequipment$42900$Mortgage payable$155000$Building$190000$Property tax expense$4800$Cash$17000$Purchases$441600$Depreciation expense$23400$Purchase discounts$8830$Equipment$110000$Purchase returns and allowances$20070$Freight in$5600$Salaries expense$127000$Freight out$7500$Salaries payable$3500$H$.$ Yusuf, capital$143600$Sales$642800$H$.$ Yusuf, drawings$14450$Sales discounts$12700$Insurance expense$9600$Sales returns and allowances$11900$Interest expense$11345$Unearned revenue$8300$Interest payable$945$Utilities expense$18500$Additional information:$1.$ Yusuf uses a periodic inventory system$\mathrm{.}2.$ A physical inventory count determined that merchandise inventory on December $31,2024,$ was $$36400\mathrm{.}3.$ Of the mortgage payable, $$25,000$ is to be paid April $30,2025.$Instructionsa.$$Prepare a multiple$-$step income statement, a statement of owner's equity, and a classified balance sheet.b$.$Prepare the closing journal entries to both inventory and capital