The following account balances were included in the trial balance of Swifty Corporation at June 30, 2017.

Sales revenue		$1,585,350		Depreciation expense (office furniture and equipment)		$7,704
Sales discounts		33,010		Property tax expense		7,543
Cost of goods sold		905,200		Bad debt expense (selling)		4,494
Salaries and wages expense (sales)		57,430		Maintenance and repairs expense (administration)		9,479
Sales commissions		98,700		Office expense		5,740
Travel expense (salespersons)		35,400		Sales returns and allowances		64,934
Delivery expense		22,110		Dividends received		38,980
Entertainment expense		14,830		Interest expense		17,670
Telephone and Internet expense (sales)		9,070		Income tax expense		108,190
Depreciation expense (sales equipment)		5,217		Depreciation understatement due to error2014 (net of tax)		17,398
Maintenance and repairs expense (sales)		5,893		Dividends declared on preferred stock		8,520
Miscellaneous selling expenses		4,910		Dividends declared on common stock		37,030
Office supplies used		3,116
Telephone and Internet expense (administration)		2,587

The Retained Earnings account had a balance of $350,680 at July 1, 2016. There are 77,950 shares of common stock outstanding.

1. Using the multiple-step form, prepare an income statement for the year ended June 30, 2017.

2. Using the single-step form, prepare an income statement for the year ended June 30, 2017