Calculate part (b) please. Thank you.

1/2 lii Two accountants for the form of Elwes and Wright are arguing about the merits of presenting an income statement in a multiple-step versus a single-step format. The discussion involves the following 2020 information related to Metlock Company (5000 omittedl. $5.401 4.461 Administrative expense Officers' salaries Depreciation of office furniture and equipment Cost of goods sold Rent revenue Selling expense Delivery expense 61,071 17.731 3.191 Sales commissions 8.481 Depreciation of sales equipment 6,981 Sales revenue 97.001 Income tax 9.571 Interest expense 2.361 Common shares outstanding for 2020 total 26,428 (000 omitted) (a) Your Answer Correct Answer Your answer is correct. Prepare an income statement for the year 2020 using the multiple-step form. (Round earnings per share to 2 decimal places, es 1.48.) METLOCK COMPANY Income Statement For the Year Ended December 31, 2020 (In thousands, except earnings per share) Sales Revenue Cost of Goods Sold Gross Profit/(Loss Operating Expenses Selling Expenses Delivery Expense $ 3.191 1 Sales Commission 8.491 Depreciation Expense 6981 i Total Selling Expenses 18.653 1 Administrative Expenses Salaries and Wages Expense 5.401 Depreciation Expense 4461 Question 2 of 5 1/2 E Total Administrative Expenses 9862 Income From Operations Other Revenues and Gains Rent Revenue Other Expenses and Losses Interest Expense Question 2 of 5 > 1/2 III (b) Prepare an income statement for the year 2020 using the single-step form. (Round earnings per share to 2 decimal places, es. 1.48) METLOCK COMPANY Income Statement For the Year Ended December 31, 2020 (In thousands, except earnings per share)