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: Credit Debit $ 13,000 37,600 153,800 85,300 138,000 Accounts Cash Accounts Receivable Inventory Land Buildings Allowance for Uncollectible Accounts Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals $ 3,600 11,400 37,500 218,000 157,200 $427,700 $427,700 During January 2021, the following transactions occur: January Borrow $118,000 from Captive Credit Corporation. The installment note bears interest at 5% annually and matures 1 in 5 years. Payments of $2,281 are required at the end of each month for 60 months. January Receive $32,800 from customers on accounts receivable. 4 January Pay cash on accounts payable, $29,000. 10 January Pay cash for salaries, $30,700. 15 January Firework sales for the month total $210,600. Sales include $66,800 for cash and $143,800 on account. The cost 30 of the units sold is $121,500. January Pay the first monthly installment of $2,281 related to the $118,000 borrowed on January 1. Round your interest 31 calculation to the nearest dollar. Exercise 9-21 Part 4 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 0 Gross Profit Expenses: Total Operating Expenses 0 0 0