Current Attempt in Progress Two accountants for the firm 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 Sheridan Company ($000 omitted). Administrative expense $5,420 Officers' salaries 4,480 Depreciation of office furniture and equipment 61,090 Cost of goods sold 17,750 Rent revenue Selling expense 3,210 Delivery expense 8.500 Sales commissions 7,000 Depreciation of sales equipment 97,020 Sales revenue 9,590 Income tax 2,380 Interest expense Common shares outstanding for 2020 total 32,750 (000 omitted). F10 11 F7 F6 & % $ 8 7 6