II Prepare multi step income statement for XYZ Corporation for the year ended 2020 from the following information (worth 35 Points) Remember some of the accounts listed below are not used in preparing a multi step income statement Cost of merchandise sold $100,000 Sales salary expense $20,000 Sales $400,000 Depreciation expense - Office Equipment $30,000 Office supplies expense $10,000 Withdrawls $5,000 Copyright Cengage Learning. Powered by Cognere Page 5 Capital balance beginning 1-1-20 $5,000 Note Payable due in 2040 $15,000 Cash Si50,000 Account payables $30,000 Salaries Payable $150,000 Accounts Receivables $140,000 Office Equipment $10,000 Accumulated Depreciation - Office Equipment $2,000 Advertising expense $15,000 Merchandise Inventory $50,000 Estimated Returns Inventory $ 40,000 Prepaid Insurance $25,000 Office Supplies $12,000 Customer refunds payable $5,000 Customer refunds payable XYZ Corportion Income Statement For the Year Ended 12-31-2020