2. Convert the 2016 income statement to the same format as the 2017 income statement. Gleeson Company Income Statement For the Year Ended December 31, 2016 Sales $ 1,500,000 Cost of sales 450,000 Gross profit $ 1,050,000 Selling expenses Administrative expenses Total selling and administrative expenses $ 689,000 Net income 361,000 Comparability and consistency in Income Statements The following income statements were provided by Gleeson Company, a retailer: 2017 Income Statement Sales $1,700,000 Cost of sales 520,000 $1,180,000 Gross profit Selling expense Administrative expense $ 702,000 95,000 $797,000 2016 Income Statement Sales $1,500,000 Cost of sales $450,000 Sales salaries 398,000 Advertising 175,000 Office supplies 56,000 Depreciation-building 40,000 Delivery expense 20,000 Total expenses $1,139,000 Net income $361,000 Total selling and administrative expense Net income $383,000 Required: 1. Identify each income statement as either single- or multiple-step format. 2017 income statement Multiple-step 2016 income statement Single-step