E4.5 (LO 2) Excel (Multiple-Step and Single-Step Statements) 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 P. Bride Company ($000 omitted). Administrative expense Officers' salaries Cost of goods sold Rent revenue Selling expense $ 4,900 Depreciation of office furniture and equipment 3,960 60,570 17,230 2,690 7,980 6,480 96,500 9,070 Interest expense 1,860 Delivery expense Sales commissions Depreciation of sales equipment Sales revenue Income tax Instructions a. Prepare an income statement for the year 2020 using the multiple-step form. Common shares out- standing for 2020 total 40,550 (000 omitted). b. Prepare an income statement for the year 2020 using the single-step form. c. Which one do you prefer? Discuss