Content Area You may use the attached spreadsheet to help you complete this activity, but you are not required to do so. You will find the spreadsheet by clicking on the green Excel icon in the upper left hand corner of the activity. Simple Income Statement The following are selected items for Albertson Company as of December 31, 2016: Purchases (net) $63,000 $100,000 Sales (net) Merchandise inventory, January 1, 2016 $20,000 Operating expenses Gain on sale of equipment $22,000 $5,000 The merchandise inventory on December 31, 2016, is $31,000. Ten thousand shares of common stock have been outstanding the entire year. Albertson uses a periodic inventory system. Required: Question Content Area Assuming a 30% income tax rate on all items of income, prepare a 2016 income statement for Albertson Company using a multiple-step format. Round earnings per share computations to the nearest cent. ALBERTSON COMPANY Income Statement (Multi-Step) For Year Ended December 31, 2016 Cost of goods sold Other items Components of Income EPS $ Components of Income EPS Question Content Area Assuming a 30% income tax rate on all items of income, prepare a 2016 income statement for Albertson Company using a single-step format. Round earnings per share computations to the nearest cent. ALBERTSON COMPANY Income Statement (Single-Step) For Year Ended December 31, 2016 Revenues Total revenues Expenses Total expenses Components of Income EPS 000