Statement of Earnings, Statement of Retained Earnings, and Statement of Financial Position McDonald Marina provides docking and cleaning services for pleasure boats at its marina in Vancouver. The following account balances are available for 2022: Accounts payable $ 26,400 Accounts receivable 268,700 Accumulated depreciation (building) 64,500 Accumulated depreciation (equipment) 950,400 Bonds payable (due 2027) 2,000,000 Building 197,300 Cash 25,280 Common shares (40,000 shares) 602,980 Depreciation expense (building) 21,500 Depreciation expense (equipment) 246,300 Dividends 25,300 Equipment 2,490,000 Income tax expense 21,700 Interest expense 236,000 Interest payable 18,000 Land 875,000 Rent expense 14,600 Rent payable 2,400 Retained earnings, 12/31/2021 128,600 Service revenue (cleaning) 472,300 Service revenue (docking) 1,460,000 Supplies 9,800 Supplies expense 89,100 Utilities expense 239,400 Wages expense 987,200 Wages payable 21,600 Required: Question Content Area Prepare a single-step statement of earnings for McDonald Marina for the year ended December 31, 2022. McDonald Marina Statement of Earnings For the Year Ended December 31, 2022 Revenues: Service revenue (docking) $Service revenue (docking) 1,460,000 Service revenue (cleaning) Service revenue (cleaning) 472,300 Total service revenues $fill in the blank 955f47fcbfa1fe0_5 1,932,300 Expenses: Wages expense $Wages expense 987,200 Depreciation expense (equipment) Depreciation expense (equipment) 246,300 Utilities expense Utilities expense 239,400 Interest expense Interest expense 236,000 Supplies expense Supplies expense 89,100 Depreciation expense (building) Depreciation expense (building) 21,500 Rent expense Rent expense 14,600 Income tax expense Income tax expense 21,700 Total expenses fill in the blank 955f47fcbfa1fe0_22 1,855,800 Net income $fill in the blank 955f47fcbfa1fe0_23 76,500 Question Content Area Prepare a statement of retained earnings for McDonald Marina for the year ended December 31, 2022. McDonald Marina Statement of Retained Earnings For the Year Ended December 31, 2022 Retained earnings, 12/31/21 $Retained earnings, 12/31/21 128,600 Add: Net income for 2022 Add: Net income for 2022 76,500 Less: Dividends Less: Dividends 25,300 Retained earnings, 12/31/22 $Retained earnings, 12/31/22 179,800 Question Content Area Prepare a classified statement of financial position for McDonald Marina for the year ended December 31, 2022. McDonald Marina Statement of Financial Position December 31, 2022 Assets Current assets: Cash $Cash 25,280 Accounts receivable Accounts receivable 268,700 Supplies Supplies 9,800 Total current assets $fill in the blank 5a1ac2015fe2073_7 303,780 Property, plant, and equipment: Land $Land 875,000 Building $Building 197,300 Less: Accumulated depreciation Less: Accumulated depreciation 64,500 Less: Accumulated depreciation Equipment $Equipment 2,490,000 Less: Depreciation expense (equipment) Less: Depreciation expense (equipment) 246,300 Less: Depreciation expense (equipment) Total property, plant, and equipment fill in the blank 5a1ac2015fe2073_20 Total assets $fill in the blank 5a1ac2015fe2073_21 Liabilities Current Liabilities Accounts payable $Accounts payable 26,400 Wages payable Wages payable 21,600 Interest payable Interest payable 18,000 Rent payable Rent payable 2,400 Total current liabilities $fill in the blank 5a1ac2015fe2073_30 Long-term liabilities: Bonds payable Bonds payable 2,000,000 Total liabilities $fill in the blank 5a1ac2015fe2073_33 Shareholders' Equity Shareholders' equity: Common shares $Common shares 602,980 Retained earnings Retained earnings 128,600 Total shareholders' equity fill in the blank 5a1ac2015fe2073_38 Total liabilities and shareholders' equity $fill in the blank 5a1ac2015fe2073_39 Question Content Area 2. CONCEPTUAL CONNECTION: How would a multiple-step statement of earnings be different from the single-step statement of earnings you prepared for McDonald Marina? A single-step statement of earnings and a multiple-step statement of earnings report amount for net income. However, a statement of earnings only contains two categories. These two categories are subtracted to arrive at net income. Therefore, between the two formats is