OBJ.3 PR 6-5A Multiple-step income statement and report form of balance sheet The following selected accounts and their current balances appear in the ledger o Clairemont Co. for the fiscal year ended May 31, 2016: 100,000 11,343,000 7,850,000 Cash Accounts Receivable Merchandise Inventory Office Supplies Prepaid Insurance Office Equipment Accumulated Depreciation- 240,000 Kristina Marble, Drawing 966,000 Sales 1,712,500 Cost of Merchandise Sold 13,500Sales Salaries Expense 8,000Advertising Expense 830,000 Depreciation Expense- 916,000 550,000 Store Equipment Miscellaneous Selling Expense Office Salaries Expense Rent Expense 140,000 38,000 650,000 94,000 Office Equipment Store Equipment Accumulated Depreciation- 550,000 3,600,000 1,820,000 Depreciation Expense- Store Equipment Accounts Payable Salaries Payable Note Payable 366,000 41,500 Office Equipment Insurance Expense Office Supplies Expense 50,000 48,000 28,100 14,500 21,000 (final payment due 2022) 00,000Miscellaneous Administrative Exp 3,449,100 Interest Expense Kristina Marble, Capital Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owner's equity. 3. Prepare a report form of balance sheet, assuming that the current portion of the note payable is $50,000. 4 Briefly explain (a) how multiple-step and single-step income statements diffe and (b) how report-form and account-form balance sheets differ