2. Prepare a multiple-step income statement that would be used by external users.+BELL SERVICINGIncome StatementFor Year Ended December 31, 2023ppedOperating expenses:FintencesTotal operating expenses 3. Prepare a single-step income statement that would be provided to decision makers outside the company.BELL SERVICINGIncome StatementFor Year Ended December 31, 2023Revenues:pedExpenses.IntancesTotal expenses Analysis Component:If you were a decision maker external to Bell Servicing, which income statement format would you prefer and why, if you had a choice?Format of income statementpedintencesWhich income statement format(s) could you expect as an external user?Format of income statement The following adjusted trial balance for Bell Servicing was prepared at the end of the fiscal year, December 31, 2023:AccountDebitCredit101 Cash$ 7, 200119Merchandise inventory15 , 400125 Supplies9, 200128Prepaid insurance3, 200165 Store equipment50, 200166Accumulated depreciation, store equipment$ 46,000167Office equipment68, 200168Accumulated depreciation, office equipment33, 400ped201Accounts payable15, 200301Jonah Bell, capital24, 520302Jonah Bell, withdrawals40, 200413Sales283, 800int415Sales discounts1, 200505Cost of goods sold74, 090ences612Depreciation expense, store equipment4, 400613Depreciation expense, office equipment3, 060622Sales salaries expense45, 200623Office salaries expense31, 200637Insurance expense, store1, 200638Insurance expense, office1, 200640Rent expense, office space12, 200641Rent expense, selling space16, 200651Office supplies expense1, 120652Store supplies expense1, 60016, 800655Advertising expense$402, 920$402, 920Totals