104-1, L04-3, L045 The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Account Title Debits Credits Sales revenue $ 2,350,000 80,000 Interest revenue Loss on sale of investments Cost of goods sold Loss on inventory write-down (obsolescence) Selling expense General and administrative expense Interest expense $ 22,500 1,200,300 200,000 300,000 150,000 90,000 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 Ilustration 4-4 of this chapter