Required: 1. Prepare an income statement on the basis of nature of expense, using a single-step format. (Loss amounts should be indicated by a minus sign.) The information below pertains to the operations of Montreal Retail Corporation for the year ended 31 December 20X6: Additional information: - Functional costs do not include depreciation or employee costs. - Depreciation expense pertains 55% to warehousing cost, 30% to administrative costs, and 15% to distribution expense. - Employee wages, salaries, and benefits pertain 25% to warehousing and merchandising, 40% to administrative costs, and 35% to distribution expense. - The company's income tax rate is 25%. Assume that the tax rate pertains to all elements of revenue, expense, gain, and loss. 2. Prepare an income statement on a functional basis in a multiple-step format. (Loss amounts should be incitcated by a minus sign.) 2. Prepare an income statement on a functional basis in a multiple-step format. (Loss amounts should be indicated by a minus sign.)