he following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 20Y2:Cash $232,700Accounts receivable 957,000Inventory 1,668,600Estimated returns inventory 21,300Office supplies 15,600Prepaid insurance 18,000Office equipment 827,000Accumulated depreciation-office equipment 556,000Store equipment 3,594,800Accumulated depreciation-store equipment 1,827,100Accounts payable 356,900Salaries payable 41,900Customer refunds payable 43,400Estimated coupons payable 5,000Note payable (final payment due in 6 years) 296,000Common stock 501,600Retained earnings 2,786,300Dividends 99,900Sales 11,403,800Cost of goods sold 7,842,100Sales salaries expense 923,100Advertising expense 540,500Depreciation expense-store equipment 134,900Miscellaneous selling expense 37,800Office salaries expense 664,400Rent expense 101,000Depreciation expense-office equipment 45,900Insurance expense 42,700Office supplies expense 31,800Miscellaneous administrative expense 7,100Interest expense 11,800Required:1. Prepare a multiple-step income statement.2. Prepare a statement of stockholders' equity. Additional common stock of $75,000 was issued during the year ended May 31, 20Y2.3. Prepare a balance sheet, assuming that the current portion of the note payable is $58,000.4. Briefly explain how multiple-step and single-step income statements differ