Monarch Products, Inc. provided the following information from its current-year trial balance. B (Click the icon to view the trial balance.) Requirements a. Prepare a single-step income statement for the year ended December 31. The tax rate is 30%. b. Prepare a multiple-step income statement for the year ended December 31. Ivonarch Products, inc. Statement of Net Income For the Year Ended December 31 II 1 Net Income Requirement b. Prepare a multiple-step income statement for the year ended December 31. Prepare Monarch's multiple-step income statement for the current year, one section at a time. (List the subhe minus sign to enter other expenses or a loss from discontinued operations.) Monarch Products, Inc. Statement of Net Income For the Year Ended December 31 Less: TU MINI Net Income Monarch Products, Inc. Trial Balance (Partial) For the Year Ended December 31 Account Debit Credit $ 1,475,000 Common Stock (no par)-Beginning Balance Retained Earnings-Beginning Balance Accumulated Other Comprehensive Income-Beginning Balance 4,600,000 107,000 Dividends $ 90,000 Sales 2,800,000 Interest Income 50,000 Dividend Income 28,000 106,000 Gain on Disposal of Plant Assets Unrealized Gain on Trading Securities 98,000 Unrealized Gain on Available-for-Sale Bonds 55,000 Cost of Goods Sold 675,000 32,000 Selling Expenses Office Supplies Expense Sales Salaries Expense 127,000 59,000 Advertising Expense 86,000 Office Salaries Expense 94,000 Dividends $ 90,000 Sales 2,800,000 Interest Income 50,000 Dividend Income 28,000 Gain on Disposal of Plant Assets 106,000 Unrealized Gain on Trading Securities 98,000 Unrealized Gain on Available-for-Sale Bonds 55,000 Cost of Goods Sold 675,000 Selling Expenses 32,000 127,000 Office Supplies Expense Sales Salaries Expense 59,000 86,000 94,000 10,200 Advertising Expense Office Salaries Expense Accounting and Legal Fees-General Systems Consulting Fees-General Depreciation Expense-General Amortization Expense-General 48,000 78,000 48,000 Interest Expense 23,000 106,000 Loss on Discontinued Operations-Before Tax Loss on Asset Impairment 22,000