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 $$240,000$

Accounts receivable $966,000$

Inventory $1,690,000$

Estimated returns inventory $22,500$

Office supplies $13,500$

Prepaid insurance $8,000$

Office equipment $830,000$

Accumulated depreciation$-$office equipment $550,000$

Store equipment $3,600,000$

Accumulated depreciation$-$store equipment $1,820,000$

Accounts payable $321,000$

Salaries payable $41,500$

Customer refunds payable $40,000$

Estimated coupons payable $5,000$

Note payable $($final payment due in $6$ years$)300,000$

Common stock $500,000$

Retained earnings $2,949,100$

Dividends $100,000$

Sales $11,343,000$

Cost of goods sold $7,850,000$

Sales salaries expense $916,000$

Advertising expense $550,000$

Depreciation expense$-$store equipment $140,000$

Miscellaneous selling expense $38,000$

Office salaries expense $650,000$

Rent expense $94,000$

Depreciation expense$-$office equipment $50,000$

Insurance expense $48,000$

Office supplies expense $28,100$

Miscellaneous administrative expense $14,500$

Interest expense $21,000$

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 $$50,000.$

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