2-3 E4-6 (Multiple-step and Single-step) The accountant of Weatherspoon Shoe Co. has compiled the fol- lowing information from the company's records as a basis for an income statement for the year ended December 31, 2010. Rental revenue Interest expense Market appreciation on land above cost Wages and salaries-sales Materials and supplies-sales Income tax Wages and salaries-administrative Other administrative expenses Cost of goods sold Net sales Depreciation on plant assets (70% selling, 30% administrative) Cash dividends declared 29,000 18,000 31,000 114,800 17,600 30,600 135,900 51,700 516,000 980,000 65,000 16,000 There were 20,000 shares of common stock outstanding during the year. Instructions (a) Prepare a multiple-step income statement. (b) Prepare a single-step income statement. (c) Which format do you prefer? Discuss