The following is a partial trial balance for General Lighting Corporation as of December 31, 2024: Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Loss on inventory write-down (obsolescence) Selling expense Debits Credits $ 2,700,000 87,000 $ 26,000 1,260,000 270,000 370,000 185,000 86,000 General and administrative expense Interest expense Income tax expense has not yet been recorded. The income tax rate is 25% of income before income taxes. Required: 1. Prepare a single-step income statement for 2024. 2. Prepare a multiple-step income statement for 2024. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a single-step income statement for 2024. Revenues and gains: GENERAL LIGHTING CORPORATION Income Statement For the Year Ended December 31, 2024 Sales revenue Interest revenue Total revenues and gains Expenses and losses: Cost of goods sold Selling expense General and administrative expense Interest expense Loss on sale of investments Loss on inventory write-down Total expenses and losses Income before income taxes Income tax expense Net income 0 0 0 Required 1 Required 2 Prepare a multiple-step income statement for 2024. Note: Amounts to be deducted should be indicated with a minus sign. GENERAL LIGHTING CORPORATION Income Statement For the Year Ended December 31, 2024 Sales revenue Cost of goods sold Gross profit Operating expenses: Selling expense General and administrative expense Loss on inventory write-down Total operating expenses Operating income Other income (expense): Interest revenue Loss on sale of investments Interest expense Total other income (expense), net Income before income taxes Income tax expense Net income 0 0 0 0 0