The following is a partial trial balance for General Lighting Corporation as of December 31, 2024:...

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The following is a partial trial balance for General Lighting Corporation as of December 31, 2024: Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Loss on inventory write-down (obsolescence) Selling expense General and administrative expense Interest expense Debits Credits $ 2,550,000 84,000 $ 24,500 1,230,000 240,000 340,000 170,000 83,000 Income tax expense has not yet been recorded. The income tax rate is 25% of income before income taxes. Required: 1. Prepare a single-step income statement for 2024. 2. Prepare a multiple-step income statement for 2024. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a single-step income statement for 2024. GENERAL LIGHTING CORPORATION Income Statement For the Year Ended December 31, 2024 Revenues and gains: Sales revenue Interest revenue Total revenues and gains Expenses and losses Cost of goods sold Selling expense General and administrative expense Interest expense Loss on inventory write-down Lass on sale of investments Total expenses and losses Incame before income taxes Income tax expense Net income 00 S 1,230,000 340,000 170,000 000000 83,000 S 2,550,000 84,000 240,000 24,500 2,634,000 2,087,500 546,500 218,600 x S 327,900 The following is a partial trial balance for General Lighting Corporation as of December 31, 2024: Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Loss on inventory write-down (obsolescence) Selling expense General and administrative expense Interest expense Debits Credits $ 2,550,000 84,000 $ 24,500 1,230,000 240,000 340,000 170,000 83,000 Income tax expense has not yet been recorded. The income tax rate is 25% of income before income taxes. Required: 1. Prepare a single-step income statement for 2024. 2. Prepare a multiple-step income statement for 2024. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a single-step income statement for 2024. GENERAL LIGHTING CORPORATION Income Statement For the Year Ended December 31, 2024 Revenues and gains: Sales revenue Interest revenue Total revenues and gains Expenses and losses Cost of goods sold Selling expense General and administrative expense Interest expense Loss on inventory write-down Lass on sale of investments Total expenses and losses Incame before income taxes Income tax expense Net income 00 S 1,230,000 340,000 170,000 000000 83,000 S 2,550,000 84,000 240,000 24,500 2,634,000 2,087,500 546,500 218,600 x S 327,900