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In: Accountinghe following isa partial trial balance for General Lighting Corporation as ofDecember 31, 2016:...he following isa partial trial balance for General Lighting Corporation as ofDecember 31, 2016: Account TitleDebitsCredits Sales revenue2,350,000 Interest revenue80,000 Losson sale of investments22,500 Costof goods sold1,200,300 Lossfrom write-down of inventory due to obsolescence200,000 Selling expenses300,000 General and administrative expenses150,000 Interest expense90,000 300,000 shares ofcommon stock were outstanding throughout 2016. Income tax expensehas not yet been recorded. The income tax rate is 40%.Required:1.Prepare a single-stepincome statement for 2016, including EPS disclosures.(Round EPS answers to 2 decimal places.)2.Prepare amultiple-step income statement for 2016, including EPS disclosures.(Round EPS answers to 2 decimal places.)