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Aimes Corporation's balance sheet at December 31, 2020, is presented below. ABC CORPORATION Balance sheet December 31, 2020 Cash $50,000 Accounts payable $13,750 Inventory 30,750 Interest payable 2,500 Prepaid insurance 3,600 Bonds payable 50,000 Equipment 38,000 Common stock 23,000 Retained earnings 33,100 Total $122,350 $122,350 During 2021, the following transactions occurred. ABC uses a perpetual inventory system. 1. ABC paid $1,500 interest on the bonds on January 1, 2021. 2. ABC purchased $220,000 of inventory on account. 3. ABC sold for $580,000 cash inventory which cost $220,000. ABC also collected $10,800 sales taxes. 4. ABC paid $30,000 on accounts payable. 5. ABC paid $1,500 interest on the bonds on July 1, 2021. 6. The prepaid insurance $3,600 expired on July 31. 7. On August 1, ABC paid $20,400 for insurance coverage from Augusti, 2021, through July 31, 2022 8. ABC paid $10,800 sales taxes to the state. 9. Paid other operating expenses, $85,000. 10. Redeemed the bonds on December 31, 2021, by paying $44,000 plus $1,500 interest. 11. Issued $80,000 of 9% bonds on December 31, 2021, at 97. The bonds pay interest every June 30 and December 31. Adjustment data: 1. Recorded the insurance expired from item 7. 2. The equipment was acquired on December 31, 2020, and will be depreciated on a straight-line basis over 5 years with a $2,000 salvage value. 3. The income tax rate is 20%. (Hint: Prepare the income statement up to income before taxes and multiply by 20% to compute the amount.) Instructions (a) Prepare journal entries for the transactions listed above and adjusting entries. (b) Prepare a multiple step income statement for the year ending December 31, 2021