g On March 31, 20Y9, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture store, are as follows: Accounts Receivable$170,000 Inventory$980,000 Accumulated Depreciation—Building750,000 Notes Payable250,000 Administrative Expenses435,000 Office Supplies20,000 Building3,500,000 Retained Earnings1,987,000 Cash80,000 Salaries Payable8,000 Common Stock300,000 Sales8,245,000 Cost of Goods Sold5,500,000 Selling Expenses575,000 Dividends175,000 Store Supplies90,000 Interest Expense15,000 a. Prepare a multiple-step income statement for the fiscal year ended March 31, 20Y9. Royal Furnishings Company Income Statement For the Year Ended March 31, 20Y9 $ Gross profit $ Expenses: $ Total expenses $ Other revenue and expense: $ b. What is a major advantage of the multiple-step income statement over the single-step income statement?