On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows: Accumulated Depreciation-Building Administrative Expenses $756,100 530,150 Merchandise Inventory Notes Payable $1,027,050 239,000 19,550 Building 2,550,600 Office Supplies 170,450 Salaries Payable 8,100 3,845,000 Sales 6,312,800 Cash Cost of Merchandise Sold Interest Expense Kathy Melman, Capital Kathy Melman, Drawing 723,400 10,150 1,509,100 177,600 Selling Expenses Store Supplies 87,850 a. Prepare a multiple-step income statement for the year ended March 31, 2019. Racine Furnishings Company Income Statement For the Year Ended March 31, 2019 Gross profit Expenses: Total expenses Other expense: b. What is a major advantage of the multiple-step income statement over the single-step income statement