The following account balances were included in the trial balance of Twain Corporation at June 30, 2014.

Sales revenue		$1,595,800		Depreciation expense (office furniture and equipment)		$7,292
Sales discounts		31,560		Property tax expense		7,408
Cost of goods sold		904,400		Bad debt expense (selling)		4,871
Salaries and wages expense (sales)		57,660		Maintenance and repairs expense (administration)		9,240
Sales commissions		99,420		Office expense		6,056
Travel expense (salespersons)		34,200		Sales returns and allowances		64,000
Delivery expense		21,580		Dividends received		40,000
Entertainment expense		14,991		Interest expense		18,300
Telephone and Internet expense (sales)		9,171		Income tax expense		108,500
Depreciation expense (sales equipment)		5,111		Depreciation understatement due to error2011 (net of tax)		18,800
Maintenance and repairs expense (sales)		6,267		Dividends declared on preferred stock		9,120
Miscellaneous selling expenses		4,731		Dividends declared on common stock		38,400
Office supplies used		3,485
Telephone and Internet expense (administration)		2,876

The Retained Earnings account had a balance of $342,700 at July 1, 2013. There are 80,000 shares of common stock outstanding.

Using the multiple-step form, prepare an income statement and a retained earnings statement for the year ended June 30, 2014

Using the single-step form, prepare an income statement and a retained earnings statement for the year ended June 30, 2014.