The following is a partial trial balance for General Lighting Corporation as of December 31, 2024:...

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The following is a partial trial balance for General Lighting Corporation as of December 31, 2024: Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Loss on inventory write-down (obsolescence) Selling expense General and administrative expense Interest expense Debits Credits $ 2,350,000 80,000 $ 22,500 1,200,300 200,000 300,000 150,000 90,000 Income tax expense has not yet been recorded. The Income tax rate is 25% of Income before income taxes. Required: 1. Prepare a single-step Income statement for 2024. 2. Prepare a multiple-step Income statement for 2024. The following is a partial trial balance for General Lighting Corporation as of December 31, 2024: Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Loss on inventory write-down (obsolescence) Selling expense General and administrative expense Interest expense Debits Credits $ 2,350,000 80,000 $ 22,500 1,200,300 200,000 300,000 150,000 90,000 Income tax expense has not yet been recorded. The Income tax rate is 25% of Income before income taxes. Required: 1. Prepare a single-step Income statement for 2024. 2. Prepare a multiple-step Income statement for 2024.