On December 31, 2012, the balances of the accounts appearing in the ledger of Warm Place Furnishings Company, a furniture wholesaler, are as follows.a. Prepare a multiple-step income statement for the year ended December 31, 2012.b. Compare the major advantages and disadvantages of the multiple-step and single-step forms of incomestatement?

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Administrative Expenses tBluilding 5 250,000 Ofice Supples Hetained Earnings 150,000 Salaries Payable $ 20,000 591,000 Capital Stock Cash 3,000,000 Cost of Merchandise Sold 1,700,000 Sales Discounts 50,00 Sales Returns and Allowances 30,000 Selling Expenses 260,000 Store Supples 400,000 Dividends Interest Expense Merchandise Inventory Notes Payable 160,000 450,000 65,000