American chip corporation’s reporting year-end is december 31. the following is a partial adjusted trial balance as of december 31, 2021. account title debits credits retained earnings 81,000 sales revenue 760,000 interest revenue 3,500 cost of goods sold 425,000 salaries expense 110,000 rent expense 16,000 depreciation expense 31,000 interest expense 5,100 insurance expense 6,100 required: prepare the necessary closing entries at december 31, 2021. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)

Expert computers was started in 2018. the company experienced the following accounting events during its first year of operation: started business when it acquired $40,000 cash from the issue of common stock. purchased merchandise with a list price of $32,000 on account, terms 2/10, n/30. paid off one-half of the accounts payable balance within the discount period. sold merchandise on account for $28,000. credit terms were 1/20, n/30. the merchandise had cost expert computers $16,000. collected cash from the account receivable within the discount period. paid $2,100 cash for operating expenses. paid the balance due on accounts payable. the payment was not made within the discount period. required record the events in a horizontal statements model below. in the cash flows column, use the letters oa to designate operating activity, ia for investing activity, fa for financing activity, or nc for net change in cash. if the account is not affected by the event, leave the cell blank. the first event is recorded as an example. what is the amount of gross margin for the period? what is the net income for the period?