Active Athletic Wear Inc.'s unadjusted trial balance amounts (prior to recording the adjusting entry to update Merchandise Inventory and Cost of Goods Sold accounts) appear in alphabetical order as follows on December 31, 2018, the end of its fiscal year:

Additional information:
Active Athletic Wear uses a periodic inventory system.
A physical inventory count determined that Inventory on December 31, 2018, was $108,900.
Of the mortgage payable, $18,750 is due in the next year.
Common shares of $37,500 were issued during the year.
Instructions
Prepare a multiple-step income statement, statement of changes in equity, and statement of financial position for the year.

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Accounts payable Accounts receivable Accumulated depreciation- buildings Accumulated depreciation- equipment Administrative expenses Buildings $129,450 Land $112,500 187,500 3,600 66,300 Mortgage payable 77.700 Prepaid insurance 64,350 Property tax payable 271,350 Purchase discounts 7,200 33,750 9,600 285,000 Purchase returns and allowances Cash Common shares Dividends declared Equipment Freight in Income tax expense Interest expense Inventory, Jan. 1 25,500 Purchases 112,500 Retained earnings 12,000 Salaries payable 602,400 102,900 5,250 955,500 22,500 165,000 Sales 8,400 Sales discounts 24,000 Sales returns and allowances12,00o 15,600 Selling expenses 60,750 Unearned revenue 11,250 12,450