Multiple-Step Income Statement On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows: Accumulated DepreciationBuilding $729,900 Merchandise Inventory $986,400 Administrative Expenses 532,750 Notes Payable 250,300 Building 2,561,900 Office Supplies 19,600 Cash 173,550 Salaries Payable 8,000 Cost of Merchandise Sold 3,966,400 Sales 6,188,200 Interest Expense 9,700 Selling Expenses 695,100 Kathy Melman, Capital 1,592,550 Store Supplies 90,750 Kathy Melman, Drawing 167,900 a. Prepare a multiple-step income statement for the year ended March 31, 2019. Racine Furnishings Company Income Statement For the Year Ended March 31, 2019 $ 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?