Comparability and Consistency in Income Statements The following income statements were provided by Gleeson Company, a retailer: 2017 Income Statement 2016 Income Statement Sales $1,500,000 Cost of sales Gross profit Selling expense Administrative expense $1,700,000 Sales 520,000 Cost of sales $1,180,000 Sales salaries $702,000 Advertising 95,000 Office supplies $797,000 Depreciation-building Delivery expense Total expenses $450,000 398,000 175,000 54,000 40,000 20,000 Total selling and administrative expense $1,137,000 Net income $383,000 Net income $363,000 Required: 1. Identify each income statement as either single-or multiple-step format. 2017 income statement 2016 income statement 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 Cost of sales Gross profit Selling expenses DODO Administrative expenses Total selling and administrative expenses Net income S