Argentina Company gathered the following condensed data for the year ended December 31, 2015:

Cost of goods sold $750,000

net sales 1,200,000

operating expenses 275,000

interest expense 48,000

dividend revenue 38,000

casualty loss from vandalism125,000

1. Prepare a single-step income statement for the year ended December 31, 2015.

2. Prepare a multiple-step income statement for the year ended December 31, 2015.