Multiple-Step Income Statement On March 31, 2014, the balances of the accounts appearing in the ledger of Danns Furnishings Company, a furniture wholesaler, are as follows: Accumulated Depreciation-Building $419,000 Merchandise Inventory $547,000 Administrative 302,000 Notes Payable 140,000 Expenses Building 1,397,000 Office Supplies 11,000 Cash 98,000 Salaries Payable 4,000 Cost of Merchandise 2,123,000 Sales 3,582,000 Sold Interest Expense 6,000 Kathy Melman, Capital 887,000 Selling Expenses Store Supplies 400,000 50,000 Kathy Melman, Drawing 98,000 a. Prepare a multiple-step income statement for the year ended March 31, 2014. Danns Furnishings Company Income Statement For the Year Ended March 31, 20Y4 Gross profit Expenses: Total expenses Other expense: b. What is a major advantage of the multiple-step income statement over the single-step income statement?