On March 31, 20Y4, the balances of the accounts appearing in the ledger of Danns Fumishings Company, a furniture wholesaler, are as follows: Accumulated Depreciation-Building $774,550 Merchandise Inventory $954,000 Administrative Expenses 523,750 Notes Payable 249,050 Building 2,611,100 Office Supplies 20,950 Cash 172,950 Salaries Payable 8,400 Cost of Merchandise Sold 3,631,750 Sales 6,698,700 Interest Expense 9,800 Selling Expenses 693,950 Kathy Melman, Capital 1,636,150 Store Supplies 93,200 Kathy Melman, Drawing 166,800 a. Prepare a multiple-step income statement for the year ended March 31, 20Y4. Danns Furnishings Company Income Statement For the Year Ended March 31, 20Y Sales 6,316,300 x Cost of merchandise sold 3,852,600 X Gross profit 2,463,700 x Expenses: Selling expenses Administrative expenses 726,700 X 527,450 X Total expenses 1,254,150 X Income from operations 1,209,550 X Other expense: Interest expense 9,750 X Net income 1,199,800 X