View Policies Current Attempt in Progress Blossom Ltd. is a private corporation reporting under ASPE. It has recorded all necessary adjusting entries at its fiscal year end, October 31, 2021. The following information has been taken from the adjusted trial balance: Accounts payable Cash dividends-common Common shares Depreciation expense Dividends payable Income tax expense Income tax payable Insurance expense $14,400 80,000 100,000 34,400 20,000 37,160 3,000 7,200 Interest expense Notes payable Rent expense Retained earnings (Nov. 1, 2020) Salaries expense Service revenue Unearned revenue $4,600 75,000 26,000 411,500 196,000 454,000 22,000 All accounts have normal balances and total assets equal $727,000. Blossom has a 20% income tax rate. Prepare a multiple-step income statement for the year. Prepare a multiple-step income statement for the year. BLOSSOM LTD. Income Statement $ $ + e Textbook and Media List of Accounts Prepare a statement of retained earnings for the year. (List items that increase retained earnings first.) BLOSSOM LTD. Statement of Retained Earnings $ $ e Textbook and Media List of Accounts Prepare closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Oct. 31 (To close revenue account.) Oct. 31 (To close expense accounts.) Oct. 31 Oct. 31 (To close Income Summary.) Oct. 31 (To close dividends.) eTextbook and Media List of Accounts