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

Cash	$241,300
Accounts receivable	975,200
Inventory	1,810,700
Estimated returns inventory	21,000
Office supplies	22,300
Prepaid insurance	11,400
Office equipment	833,700
Accumulated depreciation-office equipment	540,000
Store equipment	3,606,400
Accumulated depreciation-store equipment	1,822,200
Accounts payable	359,600
Salaries payable	42,700
Customer refunds payable	40,600
Estimated coupons payable	5,000
Note payable (final payment due in 6 years)	317,000
Maureen Leon, capital	3,505,800
Maureen Leon, drawing	97,100
Sales	11,371,300
Cost of goods sold	7,854,900
Sales salaries expense	917,700
Advertising expense	542,000
Depreciation expense-store equipment	148,000
Miscellaneous selling expense	46,800
Office salaries expense	654,600
Rent expense	91,700
Depreciation expense-office equipment	43,600
Insurance expense	42,400
Office supplies expense	22,800
Miscellaneous administrative expense	6,600
Interest expense	14,000

	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 $55,000.
4.	Briefly explain how multiple-step and single-step income statements differ.