Multiple-Step Income Statement On March 31, 20Y4, the balances of the accounts appearing in the ledger of Danns Furnishings Company, a furniture wholesaler, are as follows: Accumulated Depreciation-Building Merchandise Inventory $954,000 $774,550 523,750 Administrative Expenses Notes Payable 249,050 Building 2,611,100 Office Supplies 20,950 Cash 172,950 Salaries Payable 8,400 Cost of Merchandise Sold 3,631,750 Sales 6,698,700 Interest Expense 9,800 Selling Expenses 693,950 Kathy Melman, Capital 1,636,150 Store Supplies 93,200 Kathy Melman, Drawing 166,800 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 Sales 6,316,300 Cost of merchandise sold 3,852,600 Gross profit 2,463,700 X Expenses: Selling expenses 726,700 X Administrative expenses 527,450 Total expenses 1,254,150 Income from operations 1,209,550 Other expense: Interest expense 9,750 X Net income 1,199,800 X