The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Debits Credits 2,800,000 89,000 Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Loss on inventory write-down (obsolescence) Selling expense General and administrative expense Interest expense 27,000 1,280,000 290,000 390,000 195,000 88,000 There were 200,000 shares of common stock outstanding throughout 2021. Income tax expense has not yet been recorded. The income tax rate is 25%. Required: 1. Prepare a single-step income statement for 2021, including EPS disclosures. 2. Prepare a multiple-step income statement for 2021, including EPS disclosures. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a single-step income statement for 2021, including EPS disclosures. (Round EPS answer to 2 decimal places ERDAL TIDADOOD Prepare a single-step income statement for 2021, including EPS disclosures. (Round EPS answer to 2 decimal places GENERAL LIGHTING CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue Interest revenue $ 2,800,000 89,000 2,889,000 Total revenues and gains Expenses and losses: Cost of goods sold Selling expense General and administrative expense $ 1,280,000 390,000 195,000 88,000 290,000 27,000 Interest expense Loss on inventory write-down Loss on sale of investments Total expenses and losses Income before income taxes Income tax expense Net income Earnings per share 2,270,000 619,000 154,750 464,250 $ Prepare a multiple-step income statement for 2021, including EPS disclosures. (Round EPS answer to 2 decim Amounts to be deducted should be indicated with a minus sign.) $ GENERAL LIGHTING CORPORATION Income Statement For the Year Ended December 31, 2021 Sales revenue Cost of goods sold Gross profit Operating expenses: Selling expense $ 390,000 General and administrative expense 195,000 2,800,000 1,280,000 1,520,000 585,000 935,000 Total operating expenses Operating income Other income (expense): Interest revenue Interest expense Loss on sale of investments Loss on inventory write-down Total other income (expense), not Income before income taxes Income tax expense Net income Earnings per share 89,000 (88.000) (27,000) (290.000) (316,000) 619,000 154,750 464,250 2.32 The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Debits Credits 2,800,000 89,000 Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Loss on inventory write-down (obsolescence) Selling expense General and administrative expense Interest expense 27,000 1,280,000 290,000 390,000 195,000 88,000 There were 200,000 shares of common stock outstanding throughout 2021. Income tax expense has not yet been recorded. The income tax rate is 25%. Required: 1. Prepare a single-step income statement for 2021, including EPS disclosures. 2. Prepare a multiple-step income statement for 2021, including EPS disclosures. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a single-step income statement for 2021, including EPS disclosures. (Round EPS answer to 2 decimal places ERDAL TIDADOOD Prepare a single-step income statement for 2021, including EPS disclosures. (Round EPS answer to 2 decimal places GENERAL LIGHTING CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue Interest revenue $ 2,800,000 89,000 2,889,000 Total revenues and gains Expenses and losses: Cost of goods sold Selling expense General and administrative expense $ 1,280,000 390,000 195,000 88,000 290,000 27,000 Interest expense Loss on inventory write-down Loss on sale of investments Total expenses and losses Income before income taxes Income tax expense Net income Earnings per share 2,270,000 619,000 154,750 464,250 $ Prepare a multiple-step income statement for 2021, including EPS disclosures. (Round EPS answer to 2 decim Amounts to be deducted should be indicated with a minus sign.) $ GENERAL LIGHTING CORPORATION Income Statement For the Year Ended December 31, 2021 Sales revenue Cost of goods sold Gross profit Operating expenses: Selling expense $ 390,000 General and administrative expense 195,000 2,800,000 1,280,000 1,520,000 585,000 935,000 Total operating expenses Operating income Other income (expense): Interest revenue Interest expense Loss on sale of investments Loss on inventory write-down Total other income (expense), not Income before income taxes Income tax expense Net income Earnings per share 89,000 (88.000) (27,000) (290.000) (316,000) 619,000 154,750 464,250 2.32