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P4-4 Multiple-step income statement and report form of balance sheet The following selected accounts and their current balances appear in the ledger of Prescott Inc. for the fiscal year ended September 30 2nvR. Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of stockholders' equity. No common stock was issued during the year. 3. Prepare a balance sheet, assuming that the current portion of the note payable is $16,000. 4. Briefly explain how multiple-step and single-step income statements differ