4.980 P4-4 (L03,4,5,6) (Multiple- and Single-Step Statements, Retained Earnings Statement) The following account balances were included in the trial balance of Twain Corporation at June 30, 2017 Sales revenue $1,578,500 Deprecajon expense (office Sales discounts 31,150 furnite and equipment) Cost of goods sold 896,770 Property tax expenses Salaries and wages expense (sales) 56,260 Bad debt expense (selling 4,850 Sales commissions 97,600 Maintenance and repair Travel expense (salespersons) 28,930 expense (administration Delivery expense 21400 Office expense Entertainment expense 14,820 Sales returns and allowances 62 300 Telephone and Internet expense (sales) 9,030 Dividends received 38,000 Depreciation expense (sales equipment) Maintenance and repairs expense (sales) 6,200 Miscellaneous selling expenses 4,715 Depreciation understatement Office supplies used 3,450 due to error2014 (net of tax) 17,700 Telephone and temper Dividends declared on (administration) 2,820 preferred stock 9,000 Dividends declared on common stock 37,000 The Retained Eamings account had a balance of $337,000 at July 1, 2016. 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, 2017 (b) Using the single-step form, prepare an income statement and a retained earnings statement for the year ended June 30, 2017 DA