The Accounting Records for Magic Chocolate Castle Contained the Following

Essay

The accounting records for Magic Chocolate Castle contained the following data for the current year:
$\begin{array}{ll}\text { Sales } & \$ 517,500 \\\text { Cost of goods sold } & 213,800 \\\text { Interest revenue } & 6,500 \\\text { Rent revenue } & 3,600 \\\text { Administrative expense } & 131,300\\\text { Selling expense } & 133,600 \\\text { Interest expense } & 15,400 \\\text { Income tax expense } & 8,100 \\\text { Loss on sale of warehouse } & 6,500\end{array}$ Required:
Prepare both a single-step and a multi-step income statement for Magic for the current year.