Monarch Products, Inc. provided the following information from its current-year trial balance. (Click the icon to view the trial balance.) Requirements Prepare a single-step income statement for the year ended December 31. The tax rate is 30%. Prepare a multiple-step income statement for the year ended December 31. Monarcn Products, Inc. Statement of Net Income For the Year Ended December 31 a. b. Requirement b. Prepare a multiple-step income statement for the year ended December 31. Prepare Monarch s multiple-step income statement for the current year, one section at a time. (List the subhe minus sign to enter other expenses or a loss from discontinued operations.) Less: Monarch Products, Inc. Statement of Net Income For the Year Ended December 31 Monarch Products, Inc. Trial Balance (Partial) For the Year Ended December 31 Account Common Stock (no par)-Beginning Balance Retained Earnings-Beginning Balance Accumulated Other Comprehensive Income-Beginning Balance Dividends Sales Interest Income Dividend Income Gain on Disposal of Plant Assets Unrealized Gain on Trading Securities Unrealized Gain on Available-for-Sale Bonds Cost of Goods Sold Selling Expenses Office Supplies Expense Sales Salaries Expense Advertising Expense Office Salaries Expense $ Debit 90,000 675,000 32,000 127,000 59,000 86,000 94,000 Credit $ 1,475,000 4,600,000 107,000 2,800,000 50,000 28,000 106,000 98,000 55,000 Dividends Sales Interest Income Dividend Income Gain on Disposal of Plant Assets Unrealized Gain on Trading Securities Unrealized Gain on Available-for-Sale Bonds Cost of Goods Sold Selling Expenses Office Supplies Expense Sales Salaries Expense Advertising Expense Office Salaries Expense Accounting and Legal Fees-General Systems Consulting Fees-General Depreciation Expense-General Amortization Expense-General Interest Expense Loss on Discontinued Operations-Before Tax Loss on Asset Impairment 90,000 675,000 32,000 127,000 59,000 86,000 94,000 10,200 48,000 78,000 48,000 23,000 106,000 22,000 2,800,000 50,000 28,000 106,000 98,000 55,000