Multiple-Step Income Statement On March 31, 2019, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture store, are as follows: Accounts Receivable $170,000 Inventory $986,700 Accumulated Depreciation-Building 772,650 Notes Payable 290,050 Administrative Expenses 513,300 Office Supplies 19,600 Building 2,409,100 Retained Earnings 1,280,150 Cash 170,950 Salarles Payable 8,050 Common Stock 309,300 Sales 6,600,750 Cost of Goods Sold 3,696,800 Selling Expenses 699,750 Dividends 175,700 Store Supplies 88,400 Interest Expense 10,000 a. Prepare a multiple-step income statement for the fiscal year ended March 31, 2019. Royal Furnishings Company Income Statement For the Year Ended March 31, 2019 Gross profit Expenses Check My Work Store Supplies Interest Expense 88,400 10,000 a. Prepare a multiple-step income statement for the fiscal year ended March 31, 2049. Royal Furnishings Company Income Statement For the Year Ended March 31, 2049 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