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	364,600
Customer refunds payable	40,600
Salaries payable	42,700
Note payable (final payment due in 6 years)	317,000
Common stock	495,100
Retained earnings	3,010,700
Dividends	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. 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 $55,000. 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.