The following is a partial trial balance for General Lighting Corporation as of December 31, 2021 Debits Credits 2,500,000 83,000 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 24,000 1,220,000 230,000 330,000 165,000 32,000 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% ce 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. GENERAL LIGHTING CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains Sales revenue Interest revenue $ 2,500,000 83,000 2,583,000 Total revenues and gains Expenses and losses Cost of goods sold Selling expense General and administrative expense Loss on sale of investments Interest expense Loss on inventory write-down $ 1,220,000 330,000 165,000 24,000 82,000 230,000 Total expenses and losses Income before income taxes income tax expense Net income Earnings per share 2,051,000 532,000 133,000 399,000 1.99 $ S Required 1 Required 2 >