The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 20Y2 Cash Accounts receivable Inventory Estimated returns inventory Office supplies Prepaid insurance Office equipment Accumulated depreciation-office equipment Store equipment Accumulated depreciation-store equipment $244,200 956,700 1,612,700 23,300 18,900 3,000 829,000 552,400 3,606,800 1,817,800 Accumulated depreciation-store equipment Accounts payable Customer refunds payable Salaries payable Note payable (final payment due in 6 years) Common stock Retained earnings Dividends Sales Cost of goods sold Sales salaries expense Advertising expense 1,817,800 372,700 38,900 46,100 310,000 501,700 2,759,300 109,500 11,401,400 7,848,200 907.500 542,000 Depreciation expense-store equipment Miscellaneous selling expense Office salaries expense Rent expense Depreciation expense-office equipment Insurance expense Office supplies expense Miscellaneous administrative expense Interest expense 132,800 43,900 657,500 96,600 52,900 57,900 31,300 9,100 16.500 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, 20Y2 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 enter subtracted or negative numbers use a minus sign 3. Prepare a balance sheet, assuming that the current portion of the note payable is $48,000 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 4. Briefly explain how multiple-step and single-step income statements differ