Income Statement The following information is available for Wright Auto Supply at December 31. Cost of goods sold $291,300 Rent expense $21,000 Depreciation expense 31,250 Salaries (administrative) 33,800 Income taxes expense 32,520 Sales revenue 602,500 Interest expense 2,400 Wages expense (salespeople) 98,300 Required: 1. Prepare a single-step income statement for the year ended December 31. Wright Auto Supply Income Statement For the year ending December 31 Revenues: Expenses: Total expenses Total expenses 2. Prepare a multiple-step income statement for the year ended December 31. Wright Auto Supply Income Statement For the year ending December 31 Operating expenses: Total operating expenses Other expenses and losses: 0000 00- 3. Conceptual Connection: Comment on the differences between the single-step and the multiple-step income statements by answering "true or false" to the following: a. Both a single-step income statement and a multiple-step income statement report the same amount for net income. b. A single-step income statement provides three important classifications that financial statement users find useful-gross margin, income from operations, and net income. G The only difference between the two formats is how the revenues and expenses are classified