On March 31, 2014, the balances of the accounts appearing in the ledger of Danns Furnishings Company, a furniture wholesaler, are as follows: $547,000 $419,000 302,000 140,000 Accumulated Depreciation-Building Administrative Expenses Building Cash Cost of Merchandise Sold 1,397,000 11,000 Merchandise Inventory Notes Payable Office Supplies Salaries Payable Sales Selling Expenses Store Supplies 98,000 2,123,000 6,000 4,000 3,582,000 Interest Expense 400,000 50,000 Kathy Melman, Capital Kathy Melman, Drawing 887,000 98,000 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, 2014 Sales 3.582,000 Cost of merchandise sold 2.123,000 Gross profit 5.705,000 X Expenses: Selling expenses 400.000 Administrative expenses 302.000 702.000 Total expenses Income from operations 6.407.000 X Other expense: Interest expense 6.000 751 x Net income