Required information Exercise 9-21 Complete the accounting cycle using long-term liability transactions (LO9-2, 9-8) [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Accounts Cash Accounts Receivable Inventory Land Buildings Allowance for Uncollectible Accounts Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals Debit $ 11,600 Credit 34,800 152,400 71,300 124,000 $ 2,200 10,000 22,100 204,000 155,800 $394,100 $394,100 During January 2021, the following transactions occur: January Borrow $104,000 from Captive Credit Corporation. The installment note bears interest at 6% annually. and matures in 5 years. Payments of $2,011 are required at the end of each month for 60 months. January Receive $31,400 from customers on accounts receivable. 1 4 January Pay cash on accounts payable, $15,000. 10 January Pay cash for salaries, $29,300. 15 January Firework sales for the month total $195,800. Sales include $65,400 for cash and $130,400 on account. The cost of the units sold is $114,500. 30 January Pay the first monthly installment of $2,011 related to the $104,000 borrowed on January 1. Round your interest calculation to the nearest dollar. 31 3. Prepare an adjusted trial balance as of January 31, 2021. Freedom Fireworks Adjusted Trial Balance January 31, 2021 Accounts. Debit Credit 5 4. Prepare a multiple-step income statement for the period ended January 31, 2021. Freedom Fireworks Multiple-Step Income Statement For the month ended January 31, 2021 Gross Profit Expenses: 0 Total Operating Expenses 0 0 0