On March 31, 2018, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture wholesaler, are as follows: Accounts Receivable $170,000 Inventory 944,800 Accumulated DepreciationBuilding 763,550 Notes Payable 263,150 Administrative Expenses 525,750 Office Supplies 19,900 Building 2,505,050 Retained Earnings 1,319,050 Cash 167,250 Salaries Payable 8,350 Common Stock 292,300 Sales 6,317,000 Cost of Goods Sold 3,878,650 Selling Expenses 690,300 Dividends 177,900 Store Supplies 93,550 Interest Expense 10,150 Question Content Area a. Prepare a multiple-step income statement for the year ended March 31, 2018. Royal Furnishings Company Income Statement For the Year Ended March 31, 2018 $- Select - - Select - Gross profit $fill in the blank 6de5a7f8bf82076_5 Expenses: $- Select - - Select - Total expenses fill in the blank 6de5a7f8bf82076_10 $- Select - Other expense: - Select - $- Select - Question Content Area b. What is a major advantage of the multiple-step income statement over the single-step income statement?