The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31,20Y2 Estimated coupons payable Note payable (inal payment due in 6 years) Common stock Retained earnings Dividends Sales Cost of goods sold Sales salaries expense Advertising expense Depreciation expense-store equip Miscellaneous selling expense Office salaries expense Rent expense Depreciation expense-off Insurance expense Otfice supplies expense Miscellaneous administrative expense Interest expense 310,000501,7002,759,300109,50011,401,4007,848,200907,500542,000132,80043,900657,50096,60052,90057,90031,3009,1001,5,500 Required: Required: 1. Prepare a multiple-step income statement 2. Prepare a statement of stockholders'equity. Additional common stock of $75,000 was issued during the year ended May 31,20 y2. 3. Prepare a balance sheet, assuming that the curtent portion of the note payable is $48,000. 4. Briefly explain how mutuple-step and singte-step income statements ditfer. Labels Administrative expenses Current assets Current liabilities For the Year Ended May 31, 20Y2 Long-term liabilities May 31,20Y2 Operating expenses Other revenue and expense Property, plant, and equipment Selling expenses Amount Descriptions Balances, June 1, 20Y1 Balances, May 31, 20Y2 Book value-office equipment Book value-store equipment Dividends Gross profit Issued common stock Net income Book value-office equipment Book value-store equipment Dividends Gross profit Issued common stock Net income Net loss Note payable (current portion) Operating income Total administrative expenses Total assets Total current assets Total current liabilities Total liabilities Total liabilities and stockholders' equity Total operating expenses Total property, plant, and equipment Total selling expenses Total stockholders' equity Multiple-step Income statement and balance sheet Income Statement 1. Prepare a multiple-step income statement. Income Statement instructions 1. Prepare a multiple-step income statement Be sure to complete the statement heading. Refer to the account names in the instructions and the lists, of Labels and Amount Descriptions for the exact wording of text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive. Colons (:) will fill in where needed