The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2018: Cash $ 240,000 Accounts Recelvable Inventory Estimated Returns Inventory Office Supplies Retained Earnings Dividends Sales $ 2,949,100 100,000 966,000 1,690,000 22,500 11.343.000 Cost of Goods Sold 7,850.000 13,500 8,000 Sales Salaries Expense Advertising Expense Depreciation Expense- Store Equipment Miscellaneous Selling Expense Office Salarles Expense Rent Expense Depreciation Expense- Office Equipment 916,000 Prepaid Insurance Office Equipment Accumulated Depreciation- Office Equipment Store Equipment Accumulated Depreciation- Store Equipment Accounts Payable Customer Refunds Payable Salaries Payable Note Payable (final payment due 2024) Common Stock 550,000 830,000 140,000 550,000 38,000 3,600,000 650,000 94,000 1,820.000 326,000 40,000 50,000 Insurance Expense 48,000 28,100 Office Supples Expense Miscellaneous Administrative Exp. Interest Expense 41,500 14,500 300,000 21,000 500.000 Instructions 1. Prepare a multiple-step income statement. 2. Prepare a retained earnings statement. 3. Prepare a balance sheet, assuming that the current portion of the note payable is $50,000. Briefly explain how multiple-step and single-step income statements differ.