P4-1 (Multiple-step Income, Retained Earnings) Presented below is information related to American Horse Company for 2007. Instructions Prepare a multiple-step income statement and a retained earnings statement. American Horse Company decided to discontinue its entire wholesale operations and to retain its manufacturing operations. On September 15, American Horse sold the wholesale operations to Rogers Company. During 2007, there were 300,000 shares of common stock outstanding all year. 2. P4-2 (Single-step Income, Retained Earnings, Periodic Inventory) Presented on page 158 is the trial 7) balance of Mary J. Blige Corporation at December 31, 2007