Co., assuming that I com Appendix PR 5-10A Periodic inventory accounts, multiple-step incomes income statement, closing entries Net Income, On December 31, 2018, the balances of the accounts appe ccounts appearing in the ledger of Wyman $185,000 $ 13,500 72,000 257,000 EXCEL TEMPLATE 35,000 4,500 150,000 270,000 Company are as follows: Cash Accounts Receivable Inventory, January 1, 2018 Estimated Returns Inventory, January 1, 2018 Office Supplies Prepaid Insurance Land Store Equipment Accumulated Depreciation- Store Equipment Office Equipment Accumulated Depreciation- Office Equipment Accounts Payable Salaries Payable Customer Refunds Payable Unearned Rent Notes Payable Common Stock Retained Earnings $ 25,000 Dividends 3,280,000 Sales 2,650,000 Purchases 93,000 Purchases Returns and Allowances 37,000 Purchases Discounts 48,000 Freight In 300,000 Sales Salaries Expense 45,000 Advertising Expense 9,000 Delivery Expense Depreciation Expense- 6,000 Store Equipment 12,000 Miscellaneous Selling Expense 175,000 Office Salaries Expense 28,000 Rent Expense 3,000 Insurance Expense 2,000 Office Supplies Expense Depreciation Expense- Office Equipment 1,500 Miscellaneous Administrative Expense 3,500 Rent Revenue 7,000 Interest Expense 2,000 55,900 78,500 16,000 77,800 3,000 50,000 8,300 50,000 150,000 365,600 Instructions Does Wyman Company use a periodic or perpetual inventory system? Explain. 2. Prepare a multiple-step income statement for Wyman Company for the year ended Decem- ber 31, 2018. The inventory as of December 31, 2018, was $305,000. The estimated cost of customer returns inventory for December 31, 2018, is estimated to increase to $40,000. 3. Prepare the closing entries for Wyman Company as of December 31, 2018. 4. What would be the net income if the perpetual inventory system had been used