On March 31, 2049, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture store, are as follows: Accounts Receivable $170,000 Inventory $962,850 Accumulated Depreciation-Building 760,600 Notes Payable 308,850 Administrative Expenses 20,100 544,600 2,397,800 Office Supplies Retained Earnings 1,312,900 Building Cash 175,100 Salaries Payable 8,400 Common Stock 313,900 Sales 6,147,100 687,300 Cost of Goods Sold 3,729,150 Selling Expenses Store Supplies Dividends 176,650 94,450 Interest Expense 10,050 a. Prepare a multiple-step income statement for the fiscal year ended March 31, 2049. Royal 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