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 Depreciation-Building $712,500 Merchandise Inventory $1,004,450 Administrative Expenses 530,050 Notes Payable 243,750 Building 2,417,400 Office Supplies 19,750 Cash 167,150 Salaries Payable 8,400 Cost of Merchandise Sold 3,689,850 Sales 6,331,850 Interest Expense 9,850 Selling Expenses 739,750 1,613,550 Kathy Melman, Capital Store Supplies 94,300 Kathy Melman, Drawing 169,200 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 Sales Cost of merchandise sold Gross profit Expenses Selling expenses Administrative expenses Previous 17015550 Kauny Melman, Capital Kathy Melman, Drawing Print Item Sore suppies 9130 169,200 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 Sales Cost of merchandise sold Gross profit Expenses: Selling expenses Administrative expenses Total expenses Income from operations Other expense: Interest expense Heti income b. What is a major advantage of the multiple-step income statement over the single-step income statement