Instructions Income Statement On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows: Accumulated Depreciation-Building Administrative Expenses $746,350 515,750 Prepare a multiple-step income statement for the year ended March 31, 2019. Be sure to complete the heading of the statement. Refer to the information given in the exercise and to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon () will automatically appear if it is required. In the other expenses section only, enter amounts that represent other expenses as negative numbers using a minus sign Building 2,419,500 Cash Cost of Merchandise Sold Racine Furnishings Company 168,150 3,900,350 9,750 1,585,350 Income Statement (Label) Interest Expense Kathy Melman, Capital Kathy Melman, Drawing 180,400 Merchandise Inventory Notes Payable 941,750 261,150 21,000 7,850 Label Office Supplies Salaries Payable 6,627,450 Sales Selling Expenses 710,900 Store Supplies 93,650 (Label) Required: a. Prepare a multiple-step income statement for the year ended March 31, 2019. Be sure to complete the heading of the statement. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon () will automatically appear if it is required. In the Other expenses section only, enter amounts that represent other expenses as negative numbers using a minus sign. b. What is a major advantage of the multiple-step income statement over the single-step income statement