1. Art Supply Company had the following account balances for the year ended December 31, 2020. Use this information to prepare a multistep income statement for Art Supply Company. All gray highlighted boxes need to be completed. Hint: It may be helpful to label each account with its location on the income statement before preparing the statement. Advertising expense Cost of goods sold Gain on sale of building Income tax expense Insurance expense Interest expense Revenue Salaries expense Supplies expense Utilities expense 2,100 62,420 29,100 7,170 6,760 5,610 102,450 18,280 1,420 6,270 Art Supply Company Income Statement For the year ended December 31, 2020 Gross profit Operating expenses: Total operating expenses Operating income Other income/expense (nonoperating items): Income before taxes Net income 2. After preparing the income statement, briefly share your thoughts on Art Supply Company's 2020 results. Based on this statement, are they thriving or was it a difficult year