On March 31, 20Y5, the balances of the accounts appearing in the ledger of Lange Daughters Inc. are as follows:

a. Prepare a multiple-step income statement for the year ended March 31, 20Y5.
b. Compare the major advantages and disadvantages of the multiple-step and single-step forms of income statements.

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Administrative Expenses Accumulated Dep. Building Building Common Stock Cash Cost of Goods Sold Dividends Interest Expense $950,000 4,000,000 19,000,000 1,000,000 2,970,000 10,350,000 200,000 45,000 Inventory Notes Payable Office Supplies Retained Earnings Sales Selling Expenses Store Supplies $ 800,000 900,000 50,000 12,365,000 17,850,000 1,650,000 150,000