Exercise 4-3 (Static) Income statement format; single step and multiple step [LO4-1, 4-3, 4-5) The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Debits Credits 2,350,eee se,eee Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Loss on inventory write-down (obsolescence) Selling expense General and administrative expense Interest expense 22,500 1,2ee, 3ee 200,000 300.000 158,eee 90.000 There were 160.000 shares of common stock outstanding throughout 2021. Income tax expense has not yet been recorded. The Income tax rate is 25%. 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a single-step income statement for 2021, including EPS disclosures. (Round EPS answer to 2 decimal places.) GENERAL LIGHTING CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains Sales revenue Interest revenue ol $ 2,350,000 2.350.000 Total revenues and gains Expenses and losses Cost of goods sold Seling expense General and administrative expense Interest expense Loss on sale of investments Loss on inventory write-down olololololo $ 1.200.300 300.000 150.000 90.000 22.500 200.000 Total expenses and losses Income before income taxes Income tax expense Net income Earnings per share (1.962,800) 387 200 98.800 $ 290,400 S 0.93