*E5.16 (LO) AP The following selected information is for Olanagan Company for the year ended January 31, 2001 Prepare multiple-step income statement and closing entries-periodic system and earnings approach. Freight in Freight out Insurance expense Interest expense Merchandise inventory, beginning Merchandise inventory, ending 0. G. Pogo, capital O.G. Pogo, drawings Purchases Instructions a. Prepare a multiple-step income statement b. Prepare closing entries. $ 6.900 7.000 13.000 6.000 61.000 49.000 105.000 49.000 210,000 Purchase discounts Purchase returns and allowances Rent expense Salaries expense Salaries payable Sales Sales discounts Sales returns and allowances Unearned revenge $ 12.000 16.000 20,000 61.000 2.500 385.000 14.000 20.000 4.300