Stober’s Lawn Sprinkler Company sells irrigation equipment.

Stober’s Lawn Sprinkler Company sells irrigation equipment. Below is informationnecessary to prepare Stober’s income statement for the year ending December 31,20X7. Stobler attributes 60% of the rent and utilities to selling functions, and theremainder to general and administrative activities. 70% of the salaries are devotedto sales.Prepare an income statement in both the single-step and multiple-step formats.Advertising expenseCost of goods soldRent expenseSalaries expenseNet salesIncome tax expenseUtilities expenseInterest expense$33,998466,773144,000166,321972,29930,00026,99718,500MULTIPLE-STEP APPROACHSTOBER’S LAWN SPRINKLER COMPANYIncome StatementFor the Year Ending December 31, 20X7SINGLE-STEP APPROACHSTOBER’S LAWN SPRINKLER COMPANYIncome StatementFor the Year Ending December 31, 20X7