The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 20Y2 Cash $ 240,000 Accounts receivable 966,000 Inventory 1.690,000 Estimated returns inventory Office supplies 22,500 13,500 8,000 Prepaid insurance 830,000 Office equipment Accumulated depreciation office equipment Store equipment Accumulated depreciation-store equipment Accounts payable Customer refunds payable Salaries payable Note payable (final payment due in 6 years) 550,000 3,600,000 1.820,000 326,000 40,000 41.500 300,000 Instructions 500,000 Common stock Retained earnings Dividends Sales 2,949, 100 100,000 11,343,000 7,850,000 916,000 Cost of goods sold Sales salaries expense Advertising expense 550,000 Depreciation expense-store equipment 140,000 Miscellaneous selling expense 38,000 Office salaries expense Rent expense Depreciation expense-office equipment Insurance expense 650.000 94.000 50.000 48.000 28,100 14500 21.000 Office supplies expense Miscellaneous administrative expense Interest expense Required: 1. Prepare a multiple-step income statement Be sure to complete the statement heading. Refer to the problem data and the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon () will automatically appear if it is required For those boxes in which you must enter subtracted or negative numbers use a minus sign 2. Prepare a statement of stockholders' equity. Additional common stock of $75,000 was issued during the year ended May 31, 2012. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. For those boxes in which you must enfer subtracted or negative numbers use a minus sign 3. Prepare a balance sheet, assuming that the current portion of the note payable is $50000. Be sure to complete the statement heading. Refer to the problem data and the list of Labels and Amount Descnptions provided for the exact wording of the answer choices for text entries. A colon () will automatically appear if it is required. For those boxes in which you must enter subtracted or negative numbers use a minus sign 4. Briefly explain how multiple-step and single-step income statements differ Labels and Amount Descriptions 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 Labels and Amount Descriptions 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