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 $726,500 561,050 Merchandise Inventory $959,150 Notes Payable 258,050 Building 2,496,600 Office Supplies 19,800 Cash 179,200 Salaries Payable 7,900 Cost of Merchandise Sold 3,877,400 Sales 6,218,300 Interest Expense 9,500 Selling Expenses 724,400 Kathy Melman, Capital 1,519,550 Store Supplies 92,450 Kathy Melman, Drawing 178,350 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?