(a) Your Answer Correct Answer (Used) Prepare a single-step income statement for the year ended December 31, 2021. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) CRYSTAL COMPANY Income Statement Year Ended December 31, 2021 Revenues Net Sales $ 1,911,600 Interest Revenue 11,000 Rent Revenue 23,000 Total Revenues 1.945,600 Expenses Advertising Expense $ 54,000 i Cost of Goods Sold 840,000 i Depreciation Expense 45,300 i Freight Out 25,000 i Insurance Expense 16,000 i Salaries Expense 640,000 i Interest Expense 10,500 i Total Expenses 1,630,800 i Net Profit/(Loss) $ 314.800 The following is information from Crystal Company's adjusted trial balance at December 31, 2021: Credit Debit $76,000 100,000 72,000 453,000 $135,900 8,600 155,700 231,000 145,000 Cash Notes receivable Merchandise inventory Equipment Accumulated depreciation-equipment Unearned revenue Notes payable L. Crystal, capital L. Crystal, drawings Interest revenue Rent revenue Sales Advertising expense Cost of goods sold Depreciation expense Freight out Insurance expense Interest expense Salaries expense Sales discounts Sales returns and allowances 11,000 23,000 1,980,000 54,000 840,000 45,300 25,000 16,000 10,500 640,000 9,400 59,000 $2,545,200 $2,545,200 (11) Prepare closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry"for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Date Dec. 31 (To close income statement accounts with credit balances.) Dec. 31 (To close income statement accounts with debit balances.) Dec. 31 (To close Income Summary account.) Dec. 31 (To close drawings.)