CLICK HERE TO REVIEW LEARNING OBJECTIVES QUESTON6 Answer Saved Aires out on 15.00 P Ras eation Multi-step Income Statement and Adjusting Entries The Boston Trading Company, whose accounting year ends on December 31had the following normal balances in its general ledger as December 31: Accounts Receivable Inventory Prepaid Insurance Once supplies 21,000 Accumulated Depreciation - Furn. Farures 7,000 Delivery Equipment Accumulated Depreciation Delivery Equipment 12,000 Accounts Payable LongTerm Notes payable 2000 Common Stock Retained Earnings 510,000 Utilities Even 4,000 Sales Salaries are Delivery Eicense and East Once salaries spense Income Tax Expense During the yearthe accounting department prepared monthly statements but no adjusting entries were made in the journals and ledgers. Data for the year end procedures are as follows: 1. Prepaid insurance December 31 St. 500 $2,000 2 Depreciation Expers on furniture and fixtures for year Depreciation Expers on I delivery equip. for the year StDo 4. Salaries Payable , December 31 (S1200 Sales and $1,200 oice) 3,000 5. Unused a cupplies on December 31 Required a. Record the necessary adjusting entries at December 31. b. Prepare a multi-step income statement for the year. Combine all the operating expenses into one line on the income statement for selling general and administrative expenses