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275 PR 5-5A Multiple-step income statement and balance sheet following selected accounts and their current balances appear in Net income The incm Clairemont Co. for the fiscal year ended May 31, 2018: Obi. 3 the ledger of 0 Cash Accounts Receivable Inventory Estimated Returns Inventory Office Supplies Prepaid Insurance Office Equipment Accumulated Depreciation- Office Equipment S 240,000 Retained Earnings s 2.949,100 966,000 Dividends ,690,000 Sales GENERAL LEDGER 22,500 13,500 8,000 830,000 Cost of Goods Sold Sales Salaries Expense Advertising Expense Depreciation Expense- 100,000 11,343.000 7,850,000 916,000 Store Equipment Office Salaries Expense Rent Expense 140,000 Store Equipment 3,600,000 Accumulated Depreciation- Store Equipment 1,820,000 Depreciation Accounts Payable Customer Refunds Payable Salaries Payable Note Payable 326,000 40,000 41,500 Office Equipment Insurance Expense Office Supplies Ex 28,100 14,500 21,000 Exp. (final payment due 2024) Common Stock Instructions 1. Prepare a multiple-step income statement. 2. Prepare a retained earnings statement 3. Prepare a balance sheet, assuming that the current portion of the note payable is $50,000 4. Briefly explain how multiple-step and single-step income statements differ