Income statement information for Shoe Group, a German footwear, apparel, and accessories manufacturer, for the year ended December 31, 2016, follows (in millions). 1,035 Income before taxes Net income Financial income Financial expenses Operating profit Cost of sales Income taxes 1,475 9, 394 124 281 8,278 19,321 43 Gross profit 89 Royalty and commission income 1,521 9,927 Other operating income Other operating expenses 440 Net sales Required 1. Prepare the multiple-step income statement for the company for the year ended December 31, 2016 2. Prepare the single-step income statement for the company for the year ended December 31, 2016