The adjusted trial balance of King Cornelius Company follows: KING CORNELIUS COMPANY Adjusted Trial Balance December 31, 2014 Cash $ 5,600 Accounts receivable 37.100 Inventory 25,800 Supplies 1,300 Prepaid rent 1,000 Furniture 26,500 Accumulated depreciation $ 23,800 Accounts payable 6,300 Salary payable 2,000 Interest payable 600 Unearned sales revenue 2,400 Note payable, long-term 35,000 Cornelius, capital 22,200 Cornelius, drawing 48,000 Sales revenue 244,000 Interest revenue 2,000 Sales discounts 10,000 Sales returns and allowances 8,000 Cost of goods sold 81.000 Salary expense 72,700 Rent expense 7,700 Depreciation expense 2.700 Utilities expense 5,800 Supplies expense 2.200 Interest expense 2.900 Total $338,300 $338,300 Requirements 1. Journalize the closing entries at December 31. Post to the Income summary account as an accuracy check on net income. Recall that the credit balance closed out of Income summary should equal net income as computed on the income statement. Also post to Cornelius, capital, whose balance should agree with the amount reported on the balance sheet. 2. Prepare the company's multi-step income statement, statement of owner's equity, and balance sheet in account form. Draw arrows linking the state- ments. Note: King Cornelius doesn't separate its operating expenses as either selling or general. 3. Compute the inventory turnover and days in inventory for 2014. Inventory at December 31, 2013, was $21,000. Turnover for 2013 was 3.0 times. Would you expect King Cornelius Company to be more profitable or less profitable in 2014 than in 2013? Why