The following is a partial trial balance for General Lighting Corporation as of December 31, 2021:

Account Title	Debits	Credits
Sales revenue		2,350,000
Interest revenue		80,000
Loss on sale of investments	22,500
Cost of goods sold	1,200,300
Loss on inventory write-down (obsolescence)	200,000
Selling expense	300,000
General and administrative expense	150,000
Interest expense	90,000

There were 160,000 shares of common stock outstanding throughout 2021. Income tax expense has not yet been recorded. The income tax rate is 25%.

1. Prepare a single-step income statement for 2021, including EPS disclosures.

2. Prepare a multiple-step income statement for 2021, including EPS disclosures.

Required 1 Required 2 Prepare a single-step income statement for 2021, including EPS disclosur GENERAL LIGHTING CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains Sales revenue Interest revenue $ 2,350,000 80,000 2,430,000 Total revenues and gains Expenses and losses Cost of goods sold Selling expense Interest expense General and administrative expense Loss on sale of investments Loss on inventory write-down $ 1,200,300 300,000 90,000 150,000 22,500 200,000 Total expenses and losses Income before income taxes Income tax expense Net income Earnings per share: (1,962,800) 467,200 186,880 $ 350,400 $ 2.19