The following is a partial trial balance for General Lighting Corporation as of December 31, 2021:

There were 160,000 shares of common stock outstanding throughout 2021. Income tax expense has not yet been recorded. The income tax rate is 25%.

Required:1. Prepare a single-step income statement for 2021, including EPS disclosures. Be sure to include appropriate headings and subtotal titles. An example of a single-step income statement can be found in Illustration 4?3 of this chapter.

2. Prepare a multiple-step income statement for 2021, including EPS disclosures. Be sure to include appropriate headings and subtotal titles. An example of a multiple-step income statement can be found in Illustration 4?4 of this chapter.

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Debits Credits Account Title $2,350,000 Sales revenue 80,000 Interest revenue Loss on sale of investments Cost of goods sold Loss on inventory write-down (obsolescence) $ 22,500 1,200,300 200,000 Selling expense General and administrative expense Interest expense 300,000 150,000 90,000