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WULL Selected amounts from the accounting records of Presley Video Sales for the year ended December 31, 2023, follow. i (Click the icon to view the accounting records.) Required 1. Presley Video Sales uses the perpetual inventory system. Prepare the business's multi-step income statement for the year ended December 31, 2023. 2. Compute the rate of inventory turnover for the year. The inventory balance on December 31, 2022, was $33,000 and on December 31, 2023, was $38,000. Last year the turnover rate was 4.66 times. Does this two-year trend suggest improvement or deterioration in inventory turnover? 3. Compute the gross margin percentage, and compare it with last year's value of 42.16 percent for Presley Video Sales. Does this two-year trend suggest better or worse profitability during the current year? Requirement 1. Presley Video Sales uses the perpetual inventory system. Prepare the business's multi-step income statement for the year ended December 31, 2023. Begin with the heading, and then complete the body of the statement, one section at a time, as presented. - X Accounting records Dec. 31 Sales Revenue 285,000 Less: Interest Revenue 2,600 Income Summary 287,600 Net sales revenue 31 Income Summary 270,600 Cost of Goods Sold 185,000 Sales Discounts 9,500 Operating expenses Sales Returns and Allowances 5,000 Selling Expenses 38, 100 General Expenses 33,000 31 Income Summary 17,000 B. Presley, Capital 17,000 31 B. Presley, Capital 44,000 B. Presley, Withdrawals 44,000