The following selected accounts and their current balances appear in the ledger of Druid Hills Co. for the fiscal year ended May 31, 20Y8: Cash Accounts Receivable Merchandise Inventory Office Supplies Prepaid Insurance Office Equipment Accumulated Depreciation Office Equipment Store Equipment Accumulated Depreciation Store Equipment Accounts Payable Customer Refunds Payable Salaries Payable Note Payable Kristina Marble, Capital Kristina Marble, Drawing Sales Cost of Merchandise Sold Sales Salaries Expense Advertising Expense Depreciation Expense-Store Equipment Miscellaneous Selling Expense Oflice Salarles Expense Rent Expense Depreciation Expense-Office Equipment Insurance Expense Office Supplies Expense Miscellaneous Administrative Expense * Interest Expense final payment due in 10 years $290,800 1,170,600 2,075,300 16,400 9,700 1,005,800 666,500 4,362,700 2,205,600 395,100 48,500 50,300 363,600 4,179,800 121,200 13,746,000 9,513,000 1,110,100 666,500 169,700 46,100 787,700 113,900 60,600 58,200 34,100 17,600 25,400 + Required: 1. Prepare a multiple-step income statement 2. Prepare a statement of owner's equity 3. Prepare a balance sheet, assuming that the current portion of the note payable is $60,600.- 4. How multiple-step and single-step income statements differ. Labels Current assets Current liabilities For the Year Ended May 31, 2048 Long-term liabilities May 31, 20Y8 Expenses Other revenue and expense Property, plant, and equipment Amount Descriptions Gross profit Income from operations Increase in owner's equity Kristina Marble, capital, June 1, 2047 Kristina Marble, capital, May 31, 20Y8 Withdrawals Net income Net loss Total administrative expenses Total assets Total current assets Total current liabilities Total liabilities Total liabilities and owner's equity Total operating expenses Total property, plant, and equipment Total selling expenses Druid Hills Co. Income Statement (Label) 1 2 5 Label) Selling expenses: 5 6 7 8 9 10 11 Administrative expenses: 12 15 14 15 16 12020 17 18 19 20 21 (Label) 22 25 2. Prepare a statement of owner's equity. Be sure to complete the statement heading. Refer to the lists of Labels and Amount Descriptions for the exact wording of represent reduction as negative numbers using a minus sign. Druid Hills Co. Statement of Owner's Equity (Label) 1 2 3 4 5 3. Prepare a balance sheet, assuming that the current portion of the note payable is $60.600. Be sure to complete the statement heading. Refer to the accou of Labels and Amount Descriptions for the exact wording of text entries. Order the Property, Plant & Equipment accounts in the order shown on the instructio () or the word "Loss" on the balance sheet; they will automatically insert where necessary. Enter all amounts as positive numbers. Druid Hills Co. Balance Sheet (Label) 1 Assets 2 Label) 5 4 5 6 7 8 Label) 10 11 12 13 14 15 16 Llabilities 17 (Label) 18 19 20 21 22 25 (Label) 24 25 26 Owner's Equity 27 28 4. How multiple-step and single-step income statements differ, Which type of income statement shows intermediate balances? Multiple-step Single-step