The following selected accounts and their current balances appear in the ledger of Carpet Land Co. for the fiscal year ended October 31, 2012: $ 274,000 Sales Returns and Allowances $ 70,000 Cash Accounts Receivable 425,000 Sales Discounts 55,000 Merchandise Inventory 525,000 Cost of Merchandise Sold 3,600,000 Office Supplies Prepaid Insurance Orfice Equipment Accumulated Depreciation- Office Equipment Store Equipment Accumulated Depreciation- 12,000 Sales Salaries Expense Advertising Expense Depreciation Expense- Store Equipment 925,000 9,000 315,000 150,000 35,000 187,000 900,000 Miscellaneous Selling Expense Office Salaries Expense Rent Expense Depreciation Expense- Office Equipment Insurance Expense Office Supplies Expense Miscellaneous Administrative Exp. 40,000 315,000 115,000 Store Equipment Accounts Payable Salaries Payable 293,000 193,000 22,000 18,000 12,000 Note Payable (final payment due 2037) Maggie Young, Capital Maggie Young. Drawing Sales 9,000 400,000 11,000 750,000 Interest Expense 15,000 150,000 6,155,000 Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owner's equity. 3. Prepare a report form of balance sheet, assuming that the current portion of the note payable is $16,000. 4. Briefly explain (a) how multiple-step and single-step income statements differ and (b) how report-form and account-form balance sheets differ.