Multiple-Step Income Statement On March 31, 2049, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture store, are as follows: Accounts Receivable $170,000 Inventory $992,250 Accumulated Depreciation --Building 714,250 Notes Payable 271,400 Administrative Expenses 523,150 Office Supplies 20,150 Building 2,411,750 Retained Earnings 1,289,600 Cash 178,650 Salaries Payable 7,700 Common Stock 309,950 Sales 6,674,700 cost of Goods Sold 3,662,100 Selling Expenses 733,950 Dividends 177,250 Store Supplies 89,100 Interest Expense 10,200 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 Sales 6,674,700 Cost of goods sold 3,662,100 3,013,600 Gross pront Expenses: Cost of goods sold 3,662.100 Gross profit 3,012,600 Expenses: Selling expenses 733.950 Administrative expenses 523,150 Total expenses 1.257.100 Operating income Other expense: Interest expense 10,200 Net Income