The effective tax rate on all income is 25%, and Flett follows ASPE. Instructions a. Prepare a multiple-step income statement for 2020 , showing expenses by function. b. Prepare a single-step income statement for 2020 , showing expenses by nature. c. Discuss the merits of the two income statements, compared with each other. The effective tax rate on all income is 25%, and Flett follows ASPE. Instructions a. Prepare a multiple-step income statement for 2020 , showing expenses by function. b. Prepare a single-step income statement for 2020 , showing expenses by nature. c. Discuss the merits of the two income statements, compared with each other