The following selected information is for Ottawa Company for the year ended January 31, 2021: Accounts payable Delivery expense Freight in Interest expense Merchandise inventory, beginning Merchandise inventory, ending P. M. Lewis, capital P. M. Lewis, drawings Prepaid expenses Purchases $ 32,500 7,000 6,500 6,000 61,000 42,000 105,000 42,000 2,500 210,000 Purchase discounts Purchase returns and allowances Rent expense Salaries expense Salaries payable Sales Sales discounts Sales returns and allowances Short-term note receivable Unearned revenue $ 12,000 16,000 20,000 61,000 2,500 325,000 14,000 20,000 2,000 4,500 I Instructions a. (18 marks) Prepare an Income Statement for year ended January 31, 2021 in multiple- step format. Show the calculation of net Sales and Cost of Goods Sold in the statement. b. (12 marks) Prepare closing entries