Please work on excel and support your solution with explanation.

E4-7 (LO2,3,4) (Multiple-Step and Single-Step Statements) The accountant of Latifa Shoe Co. has piled the following information from the company's records as a basis for an income statement for the year ended December 31, 2017. Rent revenue $29,00 0 Interest expense 18,000 Market appreciation on land above cost 31,000 Salaries and wages expense (selling) 114,80 0 Supplies (selling) 17,600 Income tax 37,400 Salaries and wages expense (administrative) $135,9 00 Other administrative expenses 51,700 Cost of goods sold 496,00 0 Net sales 980,00 0 Depreciation on plant assets (70% selling, 30% administrative) 65,000 Cash dividends declared 16,000 There were 20,000 shares of common stock outstanding during the year. Instructions (a)Prepare a multiple-step income statement. (b)Prepare a single-step income statement. (c)Which format do you prefer? Discuss. E4-13 (LO4) (Earnings per Share) At December 31, 2016, Shiga Naoya Corporation had the following stock outstanding. 10% cumulative preferred stock, $100 par, 107,500 shares $10,750, 000 Common stock, $5 par, 4,000,000 shares 20,000,0 00 During 2017, Shiga Naoya did not issue any additional common stock. The following also occurred during 2017. Income from continuing operations before taxes $23,650, 000 Discontinued operations (loss before taxes) $3,225,0 00 Preferred dividends declared $1,075,0 00 Common dividends declared $2,200,0 00 Effective tax rate 35% Instructions Compute earnings per share data as it should appear in the 2017 income statement of Shiga Naoya Corporation. (Round to two decimal places.) P4-1 (LO3,4,6) (Multiple-Step Statement, Retained Earnings Statement) The following information is related to Dickinson Company for 2017. Retained earnings balance, January 1, 2017 $980,00 0 Sales revenue 25,000,0 00 Cost of goods sold 16,000,0 00 Interest revenue Selling and administrative expenses Write-off of goodwill Income taxes for 2017 70,000 4,700,00 0 820,000 1,244,00 0 Gain on the sale of investments 110,000 Loss due to flood damage 390,000 Loss on the disposition of the wholesale division 440,000 (net of tax) Loss on operations of the wholesale division (net of tax) 90,000 Dividends declared on common stock $250,00 0 Dividends declared on preferred stock 80,000 Dickinson Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Dickinson sold the wholesale operations to Rogers Company. During 2017, there were 500,000 shares of common stock outstanding all year. Instructions Prepare a multiple-step income statement and a retained earnings statement