Question: Section 2 (7 Marks) (CLO 2] Below is a partial listing of the adjusted account balances of Pacific Department Store at year end on December

Section 2 (7 Marks) (CLO 2] Below is a partial listing of the adjusted account balances of Pacific Department Store at year end on December 31, 2017 $31,500 $322,500 $40.500 $1,200 Accounts Receivable Cost of Goods Sold Selling Expenses (includes depreciation) Interest Expense Accumulated Depreciation- Building Sales Discounts Uneamed Service Revenue Inventory Administrative Expenses includes depreciation Sales Revenue Accounts Payable Interest Revenue $49.500 $19,500 $42.000 $55,500 $27,000 $495,000 $13,500 $900 Instructions: Using the data provided as appropriate, prepare a multiple-step income statement for Pacific Department Store for the year ended December 31, 2017. Justify your answers by giving a reasonable argument

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