The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2016:

Cash

$ 240,000

Accounts Receivable

966,000

Merchandise Inventory

1,712,500

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

366,000

Salaries Payable

41,500

Note Payable (final payment due 2022)

300,000

Kristina Marble, Capital

3,449,100

Kristina Marble, Drawing

100,000

Sales

11,343,000

Cost of Merchandise 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. In the Other income and expenses section only, enter amounts that represent other expenses as negative numbers using a minus sign.*
2.	Prepare a statement of owners equity.*
3.	Prepare a report form of balance sheet, assuming that the current portion of the note payable is $50,000. Less or Plus will automatically appear if it is required.*
4.	Briefly explain (a) how multiple-step and single-step income statements differ and (b) how report-form and account-form balance sheets differ.