The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson Company uses a perpetual inventory system. It categorizes the following accounts as selling expenses: Depreciation ExpenseStore Equipment, Sales Salaries Expense, Rent ExpenseSelling Space, Store Supplies Expense, and Advertising Expense. It categorizes the remaining expenses as general and administrative. NELSON COMPANY Unadjusted Trial Balance January 31 Debit Credit Cash $ 12,350 Merchandise inventory 15,000 Store supplies 5,900 Prepaid insurance 2,800 Store equipment 42,900 Accumulated depreciationStore equipment $ 19,400 Accounts payable 13,000 Common stock 5,000 Retained earnings 29,000 Dividends 2,150 Sales 115,400 Sales discounts 1,950 Sales returns and allowances 2,050 Cost of goods sold 38,000 Depreciation expenseStore equipment 0 Sales salaries expense 15,700 Office salaries expense 15,700 Insurance expense 0 Rent expenseSelling space 9,000 Rent expenseOffice space 9,000 Store supplies expense 0 Advertising expense 9,300 Totals $ 181,800 $ 181,800 Additional Information: Store supplies still available at fiscal year-end amount to $1,550. Expired insurance, an administrative expense, is $1,500 for the fiscal year. Depreciation expense on store equipment, a selling expense, is $1,575 for the fiscal year. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,700 of inventory is still available at fiscal year-end. Required: Using the above information, prepare adjusting journal entries. Prepare a multiple-step income statement for the year ended January 31 that begins with gross sales and includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses. Prepare a single-step income statement for the year ended January 31