Exercise 4-2 (Algo) Income statement format; single step and multiple step [LO4-1, 4-5] The following is a partial trial balance for the Green Star Corporation as of December 31, 2021: Account Title Debits Sales revenue Credits 1,650,000 Interest revenue 40,000 Gain on sale of investments 60,000 Cost of goods sold 790,000 Selling expenses 210,000 General and administrative expenses 85,000 Interest expense 50,000 Income tax expense 140,000 There were 100,000 shares of common stock outstanding throughout 2021. Required: 1. Prepare a single-step income statement for 2021, including EPS disclosures. 2. Prepare a multiple-step income statement for 2021, including EPS disclosures. Prepare a single-step income statement for 2021, including EPS disclosures. (Round Revenues and gains: Sales revenue Interest revenue GREEN STAR CORPORATION Income Statement For the Year Ended December 31, 2021 Gain on sale of investments $ 1,650,000 40,000 60,000 Total revenues and gains Expenses and losses: Cost of goods sold Selling expense General and administrative expense Interest expense Total expenses and losses Income before income taxes Income tax expense Net income Earnings per share $ 790,000 210,000 85,000 50,000 1,750,000 1,135,000 615,000 140,000 $ 475,000 Revenues and gains: Sales revenue Interest revenue GENERAL LIGHTING CORPORATION Income Statement For the Year Ended December 31, 2021 Total revenues and gains Expenses and losses: Cost of goods sold Selling expense Interest expense General and administrative expense Loss on sale of investments Loss on inventory write-down Total expenses and losses Income before income taxes Income tax expense Net income Earnings per share $ 1,200,000 310,000 80,000 155,000 23,000 210,000 $ 2,400,000 81,000 2,481,000 1,978,000 503,000 125,750