The following selected accounts and their current balances appear in the ledger of Clairemont Co$.$ for the fiscal year ended May $31,20$Y$2$:

Cash $$232,700$

Accounts receivable $957,000$

Inventory $1,668,600$

Estimated returns inventory $21,300$

Office supplies $15,600$

Prepaid insurance $18,000$

Office equipment $827,000$

Accumulated depreciation$-$office equipment $556,000$

Store equipment $3,594,800$

Accumulated depreciation$-$store equipment $1,827,100$

Accounts payable $356,900$

Salaries payable $41,900$

Customer refunds payable $43,400$

Estimated coupons payable $5,000$

Note payable $($final payment due in $6$ years$)296,000$

Common stock $501,600$

Retained earnings $2,786,300$

Dividends $99,900$

Sales $11,403,800$

Cost of goods sold $7,842,100$

Sales salaries expense $923,100$

Advertising expense $540,500$

Depreciation expense$-$store equipment $134,900$

Miscellaneous selling expense $37,800$

Office salaries expense $664,400$

Rent expense $101,000$

Depreciation expense$-$office equipment $45,900$

Insurance expense $42,700$

Office supplies expense $31,800$

Miscellaneous administrative expense $7,100$

Interest expense $11,800$

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 $31,20$Y$2.$

$3.$ Prepare a balance sheet, assuming that the current portion of the note payable is $$58,000.$

$4.$ Briefly explain how multiple$-$step and single$-$step income statements differ.