Single-Step Income Statement McGrath Co.on June 30, 2015, reported a retained earnings balance of $1,475,000 before closing the books. The books of the company showed the following account balances on June 30, 2015: Sales $2,870,000 150,000 175,000 120,000 1,542,000 32,000 300,000 283,000 72,000 270,900 Instructions: Prepare a multiple-step income statement and a retained earnings statement. McGrath Co. June 30, 2015. Purchases... Purchase Discounts Dividends Declared Selling and General Expenses. . . . . . . . . . . . . . . . . . Income Taxes . . . has 275,000 shares of common stock outstanding