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 Depreciation of office furniture and equipment Cost of goods sold $ 4,900 3,960 60,570 17,230 Rent revenue Selling expense Delivery expense Sales commissions 2,690 7,980 6,480 96,500 9,070 1,860 Depreciation of sales equipment Sales revenue anol Income tax Interest expense 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 b. Prepare an income statement for the year 2020 using the single-step form. c. Which one do you prefer? Discuss ro tokon from the books of