OBJ. 3 EX 6-23 Multiple-step income statement On October 31, 2016, the balances of the accounts appearing in the ledger of Prestige Furnishings Company, a furniture wholesaler, are as follows: Accumulated Depreciation-Building Administrative Expenses Building Cash Cost of Merchandise Sold Interest Expense Jan Brown, Capital Jan Brown, Drawing $ 750,000 Merchandise Inventory 540,000 Notes Payable 2,500,000 Office Supplies 175,000 Salaries Payable 3,800,000 Sales 10,000 Selling Expenses 1,587,000 Store Supplies 175,000 $ 980,000 250,000 20,000 8,000 6,410,000 715,000 90,000 a. Prepare a multiple-step income statement for the year ended October 31, 2016. Compare the major advantages and disadvantages of the multiple-step and single-step forms of income statements. b. OBJ. 4 EX 6-28 Closing entries; net income Based on the data presented in Exercise 6-23, journalize the closing entries