McDonald Marina provides docking and cleaning services for pleasure boats at its marina in southern Florida. The following account balances are available:

Required:
1. Prepare a single-step income statement, a retained earnings statement, and a classified balance sheet for the year ended December 31, 2019.
2. How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina?

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Accounts payable Accounts receivable Accumulated depreciation (building) Accumulated depreciation (equipment) Bonds payable (due 2024) Building S 236,000 18,000 875,000 14,600 2,400 128,600 472,300 1,460,000 9,800 89,100 239,400 987,200 21,600 268,700 Interest payable 64,500 Land 950,400 Rent expense 2,000,000 Rent payable 197,300 Retained eamings, 12/31/2018 22,300 Service revenue (cleaning) 600,000 Service revenue (docking) Cash Common stock (40,000 shares) Depreciation expense (building) Depreciation ex pense (equipment) 246,300 25,300 2,490,000 21,700 Supplies expense Utilities expense Wages expense Wages paya ble Dividends Equipment Income taxes expense