Problem 3 Use this information to answer the following questions: Debits Credits Ivory Co. 12/31/2021 Partial Trial Balance Data 700,000 60,000 110,000 Sales revenue Interest revenue Gain on sale of investments Cost of goods sold Selling expense Interest expense General and administrative expenses 500,000 150,000 40,000 100,000 Ivory had 50,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 25%. a) Required: Prepare a single-step income statement with earnings per share disclosure. b) Required: Prepare a multiple-step income statement with earnings per share disclosure. Show computations for the tax and EPS in both a & b. Make sure you have proper headings, columns, subtotals and totals