The following account balances were included in the trial balance of Twain Corporation at June 30, 2014.

                    

The Retained Earnings account had a balance of $337,000 at July 1, 2013. There are 80,000 shares of common stock outstanding.
Instructions
  (a) Using the multiple-step form, prepare an income statement and a retained earnings statement for the year ended June 30, 2014.
  (b) Using the single-step form, prepare an income statement and a retained earnings statement for the year ended June 30, 2014.