Guidelines: Create a single and muti-step approach on the given information below. An example is provided below Transactions of Precious Publishing House The production for the month of December has recently ended and Precious Publishing House has the following information. All values are in thousands of pesos (POOO's). . The company has two streams of income, one from printing and photocopying services, and the other from selling printed materials. The revenue from the services totaled P25,250, while the sale from books amounted to P47,750. Salaries of the employees amounted to P15,000. Rent for the month was P7,500. Utilities for the month was $8,500 The owner reported a gain of P8,900 from the sale of one of its machines. . Some of the books sold have been returned to Precious Publishing House. It costs 12,350. . The inventory last month was worth P3,800, while the remaining inventory for December was #2,450. . The owner purchased additional printed materials totaling P7,200.Multi-step . The pro-forma income statement prepared using the multi-step approach is presenter below. XYZ Company Statement of Financial Performance For the Year Ended December 31, 2022 Net Sales Sales revenue Sales returns/allowances Sales discount Cost of Goods Sold Merchandise inventory, beginning Net Purchases Purchases Purchase returns/allowances Purchase discount Freight in Merchandise inventory, end Gross Profit Operating expense Rent expense Depreciation experise Utilcies expense Transportation expense Net Income (Loss)Example: Single Step . The pro-forma income statement prepared using the single-step is presented below. XYZ Company Statement of Financial Performance For the Year Ended December 31, 2022 Revenues Expenses (not Waitro to the following) Salaries expense Rent expense Depreciation expense Utilities expense Transportation expense pood Net Income (Loss]