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 General and administrative expense Interest expense Required 1 Required 2 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. Prepare a single-step income statement for 2024. Revenues and gains: Debits GENERAL LIGHTING CORPORATION Income Statement For the Year Ended December 31, 2024 Total revenues and gains Expenses and losses: $ 31,000 1,360,000 370,000 470,000 235,000 96,000 Credits $ 3,200,000 97,000

The following is a partial trial balance for General Lighting Corporation as of December 31, 2024: 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. Prepare a single-step income statement for 2024