PR 5-5A The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 20Y2: Multiple-step income statement and balance sheet Obj. 4 1. Net income $943,400 Cash $ 2,949,100 100,000 11,343,000 7,850,000 916,000 550,000 240,000Retained Earnings Accounts Receivable 966,000 Dividends 1,690,000 Sales XCEL TEMPLATE Inventory Estimated Returns Inventory 22,500 Cost of Goods Sold Office Supplies 13,500 Sales Salaries Expense Prepaid Insurance 8,000 Advertising Expense 830,000 Depreciation Expense- Office Equipment Accumulated Depreciation- Store Equipment Miscellaneous Selling Expense Office Equipment Store Equipment Accumulated Depreciation 140,000 38,000 650,000 94,000 550,000 3,600,000Office Salaries Expense Rent Expense Store Equipment Accounts Payable Customer Refunds Payable Salaries Payable Note Payable (final payment due in 6 years) ,820,000 Depreciation Expense- 326,000Office Equipment 40,000 Insurance Expense 41,500 Office Supplies Expense 50,000 48,000 28,100 14,500 21,000 Miscellaneous Administrative Exp. 300,000Interest Expense 500,000 Common Stock Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of stockholders' equity. Additional common stock of $75,000 was issued during the year ended May 31, 20Y2. 3. Prepare a balance sheet, assuming that the current portion of the note payable is $50,000. Briefly explain how multiple and single-step income statements differ