The following is a partial trial balance for general lighting corporation as of december 31, 2021: account title debits credits sales revenue 3,150,000 interest revenue 96,000 loss on sale of investments 30,500 costs of good sold 1,350,000 loss on inventory write-down (obsolescence) 360,000 selling expense 460,000 general and administrative expense 230,000 interest expense 95,000 there were 400,000 shares of common stock outstanding throughout 2021. income tax expense has not yet been recorded. the income tax rate is 25%. required: a) prepare a single-step income statement for 2021, including eps disclosures. b) prepare a multiple-step income statement for 2021, including eps disclosures.

Suppose you win a small lottery and have the choice of two ways to be paid: you can accept the money in a lump sum or in a series of payments over time. if you pick the lump sum, you get $2,950 today. if you pick payments over time, you get three payments: $1,000 today, $1,000 1 year from today, and $1,000 2 years from today. 1) at an interest rate of 6% per year, the winner would be better off accepting the (lump sum / payments over time), since it has the greater present value. 2) at an interest rate of 9% per year, the winner would be better off accepting the (lump sum / payments over time), since it has the greater present value. 3) years after you win the lottery, a friend in another country calls to ask your advice. by wild coincidence, she has just won another lottery with the same payout schemes. she must make a quick decision about whether to collect her money under the lump sum or the payments over time. what is the best advice to give your friend? a) the lump sum is always better. b) the payments over time are always better. c) it will depend on the interest rate; advise her to get a calculator. d) none of these answers is good advice.