QUESTION 2 Part A Ashril Company gathered the following condensed data for the year ended 31 December 2020: (RM) (RM) Cost of goods sold 670,000 Interest expense 25,000 Net sales 2,100,000 Dividend revenue 60,000 Casualty loss from vandalism 95,000 Operating expense 55,000 Required: (a) Prepare a multiple-step income statement for the year ended 31 December 2020. (8 marks) (b) A merchandiser frequently has a need to use contra accounts related to the sale of goods: i. Classify the contra accounts that have normal debit balances. (1 marks) ii. Illustrate why they are not considered expenses. (1 marks)