CASE NO#1- SINGLE STEP INCOME STATEMENT, MULTIPLE STEP INCOME STATEMENT AND BALANCE SHEET (EXTRACTS) Lulu Inc. is an multinational retail company that operates a chain of hypermarkets, discount department stores, and grocery stores, headquartered in Sultanate of Oman. The company provides the following data for the year ended, December 31, 2021. Details Cost of goods sold Debit (OMR) Credit (OMR) 415,000 2,500 Interest revenue Advertising expenses 60,000 Sales salary expenses 31,000 Purchase returns 10,000 Depreciation expenses: Office equipment 27,000 Office supplies expenses 15,000 Insurance expenses 10,000 Bank Interest expenses 100,000 3,300 Freight outwards 9,000 Rent (administrative office) 14,000 Utilities (selling expenses) 4,400 Gain on sale of property Loss on lawsuit 28,800 2,100 Depreciation expenses: Delivery Truck for sales 2,900 Loss on sale of property 2,100 Electricity Expenses for administrative office) 10,600 Machinery 250,000 Premises 800,000 Sales 1,050,000 Sales discounts 50,000 Sales returns and allowances 10,000 You are required to: (a) Draw up a Single Step Income Statement for the year ended 31 December 2021 (b) Draw up a Multiple Step Income Statement for the year ended 31 December 2021