Tilton Department Store uses a periodic inventory system. The adjusted trial balance of Tilton Department Store at December 31, 2018, follows: Tilton Department Store Adjusted Trial Balance December 31, 2018 Balance Account Title Debit Credit Cash $7,600 Accounts Receivable 84,500 Merchandise Inventory (beginning) 37,600 Office Supplies 400 Furniture 90,000 Accumulated DepreciationFurniture $18,100 Accounts Payable 29,300 Salaries Payable 3,600 Unearned Revenue 14,400 Notes Payable, long-term 34,000 Tilton, Capital 65,500 Tilton, Withdrawals 88,900 Sales Revenue 392,000 Purchases 298,000 Purchase Returns and Allowances 115,000 Purchase Discounts 6,600 Freight In 100 Selling Expense 41,900 Administrative Expense 26,100 Interest Expense 3,400 Total $678,500 $678,500 Prepare Tilton Department Store's multi-step income statement for the year ended December 31, 2018. Assume ending Merchandise Inventory is $36,200. (Use a minus sign or parentheses to show other expenses.) Begin by calculating the gross profit, then complete the income statement in the next step. Tilton Department Store Income Statement Year Ended December 31, 2018 Less: Plus: Less: Gross Profit Net Income (Loss) Journalize Tilton Department Store's closing entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)