Exercise 4-3 (Algo) Income statement format; single step and multiple step [LO4-1] The following is a partial trial balance for General Lighting Corporation as of December 31, 2024: Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Debits Credits $ 3,050,000 94,000 $ 29,500 1,330,000 Loss on inventory write-down (obsolescence) Selling expense General and administrative expense Interest expense 340,000 440,000 220,000 93,000 Income tax expense has not yet been recorded. The income tax rate is 25% of income before income taxes Required: 1. Prepare a single-step income statement for 2024. 2. Prepare a multiple-step income statement for 2024. Required 1 Required 2 Prepare a single-step income statement for 2024. GENERAL LIGHTING CORPORATION Income Statement For the Year Ended December 31, 2024 Revenues and gains: Total revenues and gains Expenses and losses: Total expenses and losses Income before income taxes Net income Required 1 Required 2 Prepare a multiple-step income statement for 2024.. Note: Amounts to be deducted should be indicated with a minus sign. GENERAL LIGHTING CORPORATION Income Statement For the Year Ended December 31, 2024 Gross profit Operating expenses: Total operating expenses Operating income Other income (expense): Total other income (expense), net Income before income taxes Net income < Required 1 Required 2