11) Prepare a multi-step income statement and a comprehensive income statement with the information provided below. Assume the tax rate for all years is 25%. (18 point) Selling Expenses 125,000 Loss from operation of shoes department (until its sale) 100,000 Gain from bond redemption 5,000 Loss from retrospective application of change in inventory Gain from sale of held-to-maturity debt securities 10,000 method from FIFO to Average 30,000 Cost of Goods Sold 1,375,000 Error discovered during Year 5: Year 3 depreciation was Dividend Income 17,500 understated by $75,000 75,000 Rent Income 12,500 Administrative expenses 375,000 Dividends paid to shareholders 80,000 Unrealized holding gain from the appreciation in fair market Sales 2,250,000 value of equity securities being held long term 40,000 Gain from the sale of shoes department 15,000 Unrealized holding loss from the decline in fair market value Interest Expense 5.000 of available for sale debt securities 10,000 Loss from sale of building 2,500 INCOME STATEMENT COMPREHENSIVE INCOME STATEMENT EXTRA CREDIT Dan purchased $4,000 worth of product from Naftall, under terms 2/10 n/30 Record for Naftali the sale, the receipt of payment before the discount date, and the receipt of payment after the discount date, using (a) the gross method and (b) the net method. ac point) GROSS METHOD DEBIT CREDIT NET METHOD DEBIT CREDIT