The following selected accounts from Swifty Corporation's general ledger are presented below for the year ended December 31, 2021: Accounts payable $121,520 Equipment $2,063,360 Accounts receivable 183,520 Income tax expense 163,680 Accumulated depreciation-equipment 710,520 Insurance expense 158,720 Cash 14,880 Inventory 463,760 Common shares 372,000 Prepaid expenses 55,800 Cost of goods sold Depreciation expense 2,387,000 344,720 Retained earnings 838,240 Salaries expense 1,142,040 Sales 4,935,200 (a) Your answer is partially correct. Prepare a single-step statement of income. (b) Profit from operations Sales SWIFTY CORPORATION Statement of Income (Single-step) Year Ended December 31.2021 Expenses Cast of Goods Sold $ 2387000 Insurance Expense Salaries Expense Depreciation Expense Income before income tax Income Tax Expense Gross profit eTextbook and Media List of Accounts 2548200 158720 344720 Prepare a multiple-step statement of income. SWIFTY CORPORATION Statement of Income (Multiple-step) $ 4935200 1645480 902720 163680 i 739040 Attempts: 2 of 2 used