The following is a partial trial balance for General LightingCorporation as of December 31, 2018:
| Account Title | Debits | Credits |
| Sales revenue | | 2,500,000 |
| Interest revenue | | 83,000 |
| Loss on sale of investments | 24,000 | |
| Cost of goods sold | 1,220,000 | |
| Loss from write-down of inventory due to obsolescence | 230,000 | |
| Selling expenses | 330,000 | |
| General and administrative expenses | 165,000 | |
| Interest expense | 82,000 | |
|
200,000 shares of common stock were outstanding throughout 2018.Income tax expense has not yet been recorded. The income tax rateis 40%.
Required:
1. Prepare a single-step income statement for2018, including EPS disclosures.
2. Prepare a multiple-step income statement for2018, including EPS disclosures.
