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 Administrative Expenses $742,400 545,650 Merchandise Inventory $976,750 Notes Payable 250,600 Building 2,443,450 Office Supplies 19,300 Cash 180,050 Salaries Payable 7,800 Cost of Merchandise Sold 3,835,600 Sales 6,143,800 Interest Expense 9,750 Selling Expenses 688,250 Kathy Melman, Capital 1,627,000 Store Supplies 90,400 Kathy Melman, Drawing 176,400 a. Prepare a multiple-step income statement for the year ended March 31, 2014. Danns Furnishings Company Income Statement For the Year Ended March 31, 20Y4 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