E4-12 (Multiple-Step and Single-Step) [LO E. a} Two accountants, Yuan Tsui and Sergio Aragon, are arguing about the merits of presenting an income statement in the multiplestep versus the singlestep format, and presenting expenses in the nature or function of expense format. The discussion involves the following 2014 information for Singh Corp. (in thousands): Administrative expenses Salaries and wages Depreciation of ofce furniture and equipment Rent Cost of goods sold Rental revenue :3 3,900 3,560 16,200 53,570 15,230 Selling expenses Freightout $ 2,290 Salaries and wages 67,280 Depreciation of sales equipment 6,480 Advertising 42,500 Sales revenue 306,500 Interest expense on bonds 1,060 payable Common shares outstanding for 2014 total 30,550,000. The effective tax rate on all income is 30%. Instructions (a) Prepare an income statement for the year ended December 31, 2014, using the multiplestep format, showing expenses by function. Include calculation of EPS. (b) j quq Inq Deeper Prepare an income statement for the year ended December 31, 2014, using the singlestep format, showing expenses by nature. Include calculation of EPS. (c) From the perspective of an investor who is interested in information about operating versus non