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: $419.000 5547,000 Accumulated Depreciation-Building Administrative Expenses 140,000 302,000 1,397,000 Merchand se Inventory Notes Payable Office Supplies Salaries Payable Building 11.000 Cash 98,000 4,000 Cost of Merchandise Sold 2,123.000 Sae 3,582,000 Interest Expense 6,000 400,000 Selling Expenses Store Supplies Kathy Melman, Capital 887,000 50,000 Kathy Melman, Drawing 98,000 a. Prepare a multiple-step income statement for the year ended March 31, 20Y4. Danns Furnishings Company Income Statement For the Year Ended March 31, 2014 Gross profit S Expenses: W Total expenses Other expense: b. What is a major advantage of the multiple-step income statement over the single-step income statement