Obj. 4 Multiple-step income statement income: On March 31, 20Y9, the balances of the accounts appearing in the ledger of Royal Furnishings 720,000 Company, a furniture store, are as follows: EX 5-27 980,000 250,000 20,000 1,987,000 8,000 8,245,000 575,000 90,000 170,000 Inventory 750,000 435,000 Office Supplies Accounts Receivable Notes Payable Accumulated Depreciation-Building Administrative Expenses Building Cash Common Stock Cost of Goods Sold Dividends EMPLATE 3,500,000 Retained Earnings 0,000 Salaries Payable 00,000 Sales 5,500,000 Selling Expenses 175,000 Store Supplies 15,000 Interest Expense a. Prepare a multiple-step income statement for the fiscal year ended March 31, 20Y9. b.C Compare the major advantages and disadvantages of the multiple and single-step forms of income statements