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The following is a partial trial balance for General Lighting Corporation as of December 31, 2024: Account Title Debits Credits Sales revenue $ 2,350,000 Interest

The following is a partial trial balance for General Lighting Corporation as of December 31, 2024:

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

Income tax expense has not yet been recorded. The income tax rate is 25% of income before income taxes.

Required:

Prepare a single-step income statement for 2024.

Prepare a multiple-step income statement for 2024.

I figured out most of the single-step income statement but I'm struggling on finishing both of the single-step and multiple-step, thanks for your help!

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