Requirement 8. Prepare Daggs Lamp Company's multi-step income statement and statement of owner's equity for the year ended December 31, 2024, and a classified balance sheet as of December 31, 2024. Begin by preparing the multi-step income statement for the year ended December 31, 2024. Review the adjusted trial balance prepared in Requirement 6. Daggs Lamp Company Income Statement Year Ended December 31, 2024 Operating Expenses: Selling Expenses: Total Selling Expenses Administrative Expenses: Total Administrative Expenses Total Operating Expenses Net Income (Loss) Balance Debit Credit 188,238 227,403 403,670 215 875 15,000 820,000 138,000 320,000 $ 294,100 0 Account Cash Accounts Receivable Merchandise Inventory Office Supplies Warehouse Supplies Land Building Office Furniture and Equipment Warehouse Fixtures Accumulated Depreciation Accounts Payable Daggs, Capital Daggs, Withdrawals Sales Revenue Cost of Goods Sold Salaries Expense-Selling Utilities Expense-Selling Supplies Expense-Selling Depreciation Expense-Selling Salaries Expense-Administrative Utilities Expense-Administrative Supplies ExpenseAdministrative Depreciation Expense-Administrative 376,300 25,000 3,547,116 1,571,430 269,100 43,887 275 25,025 128,900 26,523 500 13,475 $ 4,217,516 $ 4,217,516 Total