Question 5 Partially correct Mark 3.81 out of 4.00 Flag question Preparing a Single-Step and a Multiple-Step Income Statement Lewis Company's records show the following information at December 31, 2020, its annual year-end. Sales revenue $76,000 Interest expense $3,200 Service revenue 28,000 Earthquake loss on building 12,000 Gain on sale of short-term investments 8,800 Loss on sale of warehouse* 2,400 Selling expense 14,400 Cost of goods sold 36,000 General and administrative expense 9,600 Common stock shares outstanding 10,000 shares Depreciation expense (administrative) 4,800 Income tax rate 25% * Loss on sale of warehouse is considered nonoperating. Required a. Prepare a single-step income statement (including earnings per share). b. Prepare a multiple-step income statement (including earnings per share). Enter revenues and gains and expenses and losses in the order of the largest dollar amount to the smallest dollar amount. Do not use negative signs with any of your answers. Enter the answer for earnings per share in dollars and cents, rounded to the nearest penny. Single-step Multiple-step X b. Prepare a multiple-step income statement (including earnings per share). Lewis Company Income Statement For the Year Ended December 31, 2020 Sales revenue 76,000 Cost of goods sold 36,000 Gross profit 40,000 Operating expenses Selling expenses 14,400 General and administrative expenses X Total operating expenses Operating income X Other revenues and gains Service revenue 28,000 Gain on sale of short-term investments 8,800 36,800 Other expenses and losses Earthquake loss on building 12,000 Interest expense 3,200 Loss on sale of warehouse 2,400 17,600 Income before income taxes 30,400 Income tax expense 7,600 Net income $ 22,800 Earnings per share $ 2.28 Check