1.prepare a multi step income statement.

2. prepare a statement of stockholders equity. additional common stock of $75,000 was issued during the year ended May 31, 20Y2

3. prepare a balance sheet, assuming that the current portion of the note payable is $42,000.

4. briefly explain how multi step and single step income statements differ.

The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31 , 20 Y2: Estimated coupons payable 5,000 Note payable (final payment due in 6 years) 289,000 Common stock 500,900 Retained earnings 3,143,700 Dividends SalesCostofgoodssold11,281,2007,858,000 Sales salaries expense 917,600 Advertising expense 551,900 Depreciation expense-store equipment 149,700 Miscellaneous selling expense 36,600 Office salaries expense 668,600 Rent expense 99,800 Depreciation expense-office equipment 56,200 Insurance expense 38,600 Office supplies expense 32,700 Required: 1. Prepare a multiple-step income statement. 2. Prepare a statement of stockholders' equity. Additional common stock of $75,000 was issued during the year ended May 31 , 20Y2. 3. Prepare a balance sheet, assuming that the current portion of the note payable is $42,000. 4. Briefly explain how multiple-step and single-step income statements differ