Use the following multiple step income statement of Oriole Company to prepare a single-step version. Oriole...

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Use the following multiple step income statement of Oriole Company to prepare a single-step version. Oriole Company Income Statement For the Year Ended December 31, 2025 Sales Sales revenue Less: Sales returns and allowances Net sales Cost of goods sold Gross profit Operating expenses Income from operations Other revenues and gains Interest revenue Other expenses and losses $108,400 2,600 $105,800 50,000 55,800 14,400 41,400 1,600 Loss on sale of equipment 1,000 Net income $42,000 Use the following multiple step income statement of Oriole Company to prepare a single-step version. Oriole Company Income Statement For the Year Ended December 31, 2025 Sales Sales revenue Less: Sales returns and allowances Net sales Cost of goods sold Gross profit Operating expenses Income from operations Other revenues and gains Interest revenue Other expenses and losses $108,400 2,600 $105,800 50,000 55,800 14,400 41,400 1,600 Loss on sale of equipment 1,000 Net income $42,000

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