The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 20Y2:

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
Maureen Leon, capital	3,287,900
Maureen Leon, drawing	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 owner's equity. Maureen Leon invested an additional $75,000 in the business during the year ended May 31, 20Y2.
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.