Instructions The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 20Y2: Cash $232,700 Accounts receivable 957,000 Inventory 1,668,600 Estimated returns inventory 21,300 Office supplies 15,600 Prepaid insurance 18,000 Office equipment 827,000 Accumulated depreciation-office equipment 556,000 Store equipment 3,594,800 Accumulated depreciation-store equipment 1,827,100 Instructions Accounts payable Salaries payable 356,900 41,900 Customer refunds payable 43,400 Estimated coupons payable 5,000 Note payable (final payment due in 6 years) 296,000 Common stock 501,600 Retained earnings 2,786,300 Dividends Sales Cost of goods sold Sales salaries expense Advertising expense 99,900 11,403,800 7,842,100 923,100 540,500 Instructions Depreciation expense-store equipment 134,900 Miscellaneous selling expense 37,800 Office salaries expense 664,400 Rent expense 101,000 Depreciation expense-office equipment 45,900 Insurance expense 42,700 Office supplies expense 31,800 Miscellaneous administrative expense 7,100 Interest expense 11,800 Required: 1. Prepare a multiple-step income statement Required: 1. Prepare a multiple-step income statement. 2. Prepare a statement of stockholders' equity. Additional common stock of $75,000 was issued during the year ended May 31, 2012. 3. Prepare a balance sheet, assuming that the current portion of the note payable is $58,000. 4. Briefly explain how multiple-step and single-step income statements differ