On March 31, 20Y4, the balances of the accounts appearing in the ledger of Danns Furnishings Company, a furniture wholesaler, are as follows: Accumulated Depreciation-Building $783,500 Administrative Expenses 524,850 Building 2,563,700 Cash 175,050 Cost of Merchandise Sold 3,796,900 Interest Expense 10,000 Kathy Melman, Capital 1,543,800 Kathy Melman, Drawing 177,250 001.000 Kathy Melman, Capital 1,543,800 Kathy Melman, Drawing 177,250 Merchandise Inventory 994,000 Notes Payable 243,350 Office Supplies 19,950 Salaries Payable 8,150 Sales 6,398,650 Selling Expenses Store Supplies 712,400 90,850 Store Supplies 90,850 Required: a. Prepare a multiple-step income statement for the year ended March 31, 20Y4. Be sure to complete the statement heading. Refer to the account names in the instructions and the lists of Labels and Amount Descriptions for the exact wording of text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive. A colon (:) will automatically appear if it is required. b. What is a major advantage of the multiple-step income statement over the single-step income statement?