Unit 2 Group Collaboration For this assignment, you will be preparing entries and an income statement for Packer Company. Information for this firm is given below. You will work on this group collaboration project pairs assigned by your instructor. Your instructor will set up an area in Discussions that only you and your partner can access where you can discuss the project and share information. Please use this area for discussion rather than private emails. Submit your final work to the Dropbox. Note: This activity will be due at the end of this unit. You should not begin it until after you have read and have a good understanding of Chapter 5 Here are the transactions 1. Packer Company purchased 200 cheeseheads for $2,000 total, terms 1 /10, n/45 2. Packer paid $100 to have the cheeseheads shipped to its warehouse 3. Packer returned 50 cheeseheads to the supplier and received $500 credit. 4. Packer sold 100 of the cheeseheads to a customer for $1,900 on account, terms 2/10, n/30 5. Packer paid the balance due 16 days after purchasing the inventory. 6. The customer returned 10 cheeseheads 7. An allowance was given to the customer for $100, due to some slightly damaged cheeseheads. 8. The customer paid the balance due within the discount period Also assume Packer Company had salaries expense for the period of $140, utilities expense of $77.50, and interest revenue of $90. Packer Company's income tax rate is 30% Step 1 Student 1: Prepare the entries for Items 1 through 4 Student 2: After Student 1 prepares the entries for ltems 1 through 4, prepare the entries for Items 5 through 8 Post your answer the appropriate Discussions area Step 2 Student 2: Check your teammate's entries from Part 1. If you think his/her work is incorrect, correct it. Student 1: Check your teammate's entries from Part 1. If you think his/her work is incorrect, correct it. Step 3 Student 1 and Student 2: Look over all of the entries and answers from the first two steps and come to an agreement on the correct answers. Step 4 Students 1 and 2: Independently prepare and post a multiple-step income statement for Packer Company for the period. Come to an agreement as to what a correct income statement for Packer would look like