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Interiors With Oohs and Aahs sells custom home decor Following is the corporation's income statement Use this statement to prepare closing entries No dividends were declared during the period 4 5 5 $887,654 0 1 2 3 14,547 $873,107 5 5 - INTERIORS WITH OOHSANDAAHS Income Statement For the Year Ending December 31, 20X4 Revendes Sales Less Sales discounts $4,667 Sales retums and allowances 9.880 Net sales Cast of goods sold Beginning inventory, Jan. 1 $182,343 Add Purchases $593,356 Freight-in 21.090 $614,446 Less Purchase discounts $3,501 Purchase retums & allowances 19.009 22510 Net purchases 591,936 Goods available for sale $774,279 Less: Ending inventory, Dec 31 199,055 Cost of goods sold Gross profit Expenses Salaries $188,000 Insurance 9,152 Utilities 7,760 Freight-out 2,434 13,773 Depreciation Net income 575,224 $297,883 221,119 $76.764