Instructions On October 31,2016, the balances of the accounts appearing in the ledger of Presige Furnishings Company, a furniture wholesaler, are as follows: Accumulated Depreciation- Building Administrative Expenses Building Cash Cost of Merchandise Sold interest Expense Jan Brown, Capital Jan Brown, Drawing Merchandise Inventory Notes Payable Office Supplies Salaries Payable Sales Selling Expenses Store Supplies $742,600 515,600 2,552,350 170,400 3,698,650 10,400 1,505,050 175,450 992,800 244,350 20,000 8,100 6,501,450 715,850 86,300 Required: a. Prepare a muloiple-step income statement for the year ended Ocrober 31, 2016. Be sure to complete e heading of the statement Refer to the Required a. Prepare a mutiple-step income statement for the year ended October 31, 2016. 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 income and 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