OBJ. 4 EX 6-25 Multiple-step income statement On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows: ogni School Accumulated Depreciation Building $ 300,000 Merchandise Inventory $ 392,000 Administrative Expenses 216,000 Notes Payable 100,000 Building 1,000,000 Office Supplies 8,000 Cash 70,000 Salaries Payable 3,200 Cost of Merchandise Sold 1,520,000 Sales 2,564,000 Interest Expense 4,000 Selling Expenses 286,000 Kathy Melman, Capital 634,800 Store Supplies 36,000 Kathy Melman, Drawing 70,000 Chapter 6 Accounting for Merchandising Businesses 327 a. Prepare a multiple-step income statement for the year ended March 31, 2019. b. Compare the major advantages and disadvantages of the multiple-step and single-step forms of income statements. OBJ.4 EX 6-29 Closing entries; net income Based on the data presented in Exercise 6-25, journalize the closing entries. OR