P4-4 (LO3,4,5,6) (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 1,578,500 Depreciation expense (office Sales revenue Sales discounts Cost of goods sold Salaries and wages expense (sales) Sales commissions furniture and equipment Property tax expense Bad debt expense (selling) Maintenance and repairs $ 7,250 7,320 4,850 31,150 896,770 56,260 97,600 28,930 21,400 14,820 9,030 4,980 Interest expense 6,200 4,715 Depreciation understatement 9,130 6,000 62,300 38,000 18,000 102,000 expense (administration) Office expense Sales returns and allowances Dividends received Delivery expense Entertainment expense Telephone and Internet expense (sales) Depreciation expense (sales equipment) Maintenance and repairs expense (sales) Miscellaneous selling expenses Office supplies used Telephone and Internet expense Income tax expense due to error-2014 (net of tax) 17,700 Dividends declared on 9,000 7,000 (administration) 2,820 preferred stock Dividends declared on common stock 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 end tb) Using the single-step form, prepare an income statement and a retained earnings statement for the year ended J 2017 2017