The following adjusted trial balance for Bell Servicing was prepared at the end of the fiscal year, December 31, 2020: Account 101 119 Cash Debit $ 9,000 Credit Merchandise inventory 17,200 125 Supplies 11,000 128 Prepaid insurance 5,000 165 Store equipment 52,000 166 Accumulated depreciation, store equipment $ 47,800 167 office equipment 70,000 168 Accumulated depreciation, office equipment 35,200 201 Accounts payable 17,000 301 Jonah Bell, capital 34,600 302 Jonah Bell, withdrawals 42,000 413 Sales 301,800 415 Sales discounts. 3,000 505 Cost of goods sold 75,800 612 Depreciation expense, store equipment 6,200 613 Depreciation expense, office equipment 4,800 622 Sales salaries expense 47,000 623 office salaries expense 33,000 637 Insurance expense, store 3,000 638 640 651 652 655 641 Insurance expense, office Rent expense, office space Rent expense, selling space Office supplies expense Store supplies expense Advertising expense Totals 2,100 14,000 18,000 1,300 3,400 18,600 $436,400 $436,400 Required: 1. Prepare a classified multiple-step income statement that would be used by the business's owner. BELL SERVICING Income Statement For Year Ended December 31, 2020 Operating expenses Selling Expenses Total selling expenses + Selling Expenses: Total selling expenses General and administrative expenses Total general and administrative expenses Total operating expenses 2. Prepare a multiple-step income statement that would be used by external users. BELL SERVICING Income Statement For Year Ended December 31, 2020 Operating expenses Total operating expenses 13 3. Prepare a single-step income statement that would be provided to decision makers outside the company BELL SERVICING Income Statement. For Year Ended December 31, 2020 Revenues: Expenses Total expenses Analysis Component: If you were a decision maker external to Bell Servicing, which income statement format would you prefer and why, if you had a choice? Format of income statement Which income statement format(s) could you expect as an external user? Format of income statement