The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31,20 Y2: Instructions Labels and Amount Descriptions Income Statement Instructions Estimated coupons payable 5.000 Note payable (final payment due in 6 years) 310,000 Common stock 501,700 Retained earnings 2,759,300 Dividends 109,500 Sales 11,401,400 Cost of goods sold 7,848,200 Sales salaries expense 907,500 Advertising expense 542,000 Depreciation expense-store equipment 132,800 Miscellaneous selling expense Office salaries expense Rent expense Depreciation expense-office equipment Insurance expense 57,900 Office supplies expense 31,300 Miscellaneous administrative expense 9,100 Interest expense 16.500 Required: 1. Prepare a muitiple-step income stafement. 2. Propare 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 current portion of the note payable is $48,000. 4. Briefly explain how mutiple-step and single-ster income statements differ