A single-step income statement appears at the top of the following page.

Present the information in a multistep income statement, and indicate what insights can be obtained from the multistep form as opposed to the single-step form.

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Revenues Pasica Linens Corporation Income Statement For the Year Ended December 31, 20xx Net sales $1,197,132 Interest income 5,720 Total revenues $1,202,852 Costs and expenses Cost of goods sold $777,080 Selling expenses 203,740 General and administrative expenses 100,688 Interest expense 13,560 Total costs and expenses Income before income taxes 1,095,068 $ 107,784 24,000 Income taxes Net income Earnings per share $ 83,784 $ 8.38