Question 3: (20 Points) A1, B1, C1, C2, D3 You are an accountant at ULC Solutions, and you have compiled the following information from the company records as a basis for an income statement for the year ended December 31, 2019: ULC Solutions For the Year Ended December 31, 2019 Adjusted Trial Balance Statement 4.720 Cash 52,950 Accounts Receivable 910 Inventory Office Suplies 480 Prepaid Insurance 2.650 Land 20,000 Store Equipment 27.100 Accumulated Depreciation, Stord Equipment 5700 Office Equipment 15.520 Accumulated Depreciation Office Equipment Accounts Payable 22.420 Salaries Payable 1.140 Uncamed Rent 1.800 Notes Payable final payment due 2029) 25.000 Capital 153800 Drawing 18.000 Sales 720.185 Sales Retums and Allowances 6,140 Sales Discounts 5.790 Cost of Goods Sold 525105 Sales Salaries Expense 56210 Advertising Expense 10,6 Depreciation Exp. Store Equipment 3.100 Miscellaneous Selling lixpense Office Salaries Expense 21.020 Rent Expense 8,100 Depreciation Exp Office Equipment 2490 Insurance Expense 1,910 Office Supplies Expense 610 Misc. Administrative Expense Rent Revenue 600 Interest Expense Total BD935365 BD935365 Instructions: 1. Prepare the single-step income statement for the year. 2. Prepare the multiple-step income statement for the year. 3. Explain the differences between the single-step and multiple-step income statements