Convert to SmartArt Picture A Exercise 1 The following is a partial trial balance for Tuscon Star Corporation as of December 31, year 1: Account Title Debits Credits Sales revenue $2,266,000 Interest revenue 72,500 Loss on sale of investments $ 20,000 Cost of goods sold 1,157,396 Loss on inventory write down (obsolescence) 122,000 Selling expenses 289,277 General and administrative expenses 96,426 Interest expense 81,563 There were 413,000 shares of common stock outstanding throughout year 1. Income tax expense has not yet been recorded. The income tax rate is 35%. Required: 1. Prepare a single-step Income statement for year 1, including EPS disclosures. 2. Prepare a multiple-step income statement for year 1, including EPS disclosures. Notes Comments ** $ A % 5 & 7