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	$740,900
Administrative Expenses	526,350
Building	2,507,600
Cash	180,350
Cost of Merchandise Sold	3,941,800
Interest Expense	10,500
Kathy Melman, Capital	1,611,350
Kathy Melman, Drawing	170,000
Merchandise Inventory	971,350
Notes Payable	250,200
Office Supplies	20,950
Salaries Payable	7,850
Sales	6,663,950
Selling Expenses	741,050
Store Supplies	93,000

	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?

Income Statement Prepare a multiple-step income statement for the year ended March 31, 2019. Be sure to complete the heading of the statement. Refer to the information given in the exercise and to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon () will automatically appear if it is required. In the other expenses section only, enter amounts that represent other expenses as negative numbers using a minus sign. Racine Furnishings Company Income Statement (Label) 1 2 3 4 (Label) 6