AP4-11A (Statement of income presentation: nature vs. function) Navaria Inc. manufactures and sells chairlift mobility aids. These are chairlift systems designed for in-home use to aid persons with mobility challenges. The company sells its systems online and through a network of independent sales agents. Installation of the systems is done by independent contractors hired directly by Navaria's customers. The following information was taken from Navaria's financial records for the year ended June 30, 2024: (in thousands of dollars) Administrative expense Cost of goods sold Other expenses Financing expenses $ 9,550 79.159 641 825 Interest revenue Income tax expense Sales revenue 630 4,953 119,728 Engineering activities Wages $1,927 Rental of Equipment Advertising Depreciation Research and development activities Sales and marketing activities 774 $65 33 $ 0 $524 128 3.586 5.866 26 Required a. Prepare a multi-step statement of income for the year ended June 30, 2024, that reports expenses by nature. b. Prepare a multi-step statement of income for the year ended June 30, 2024, that reports expenses by function. TDG) TI