E4-5 (LO 2,3) 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 (5000 omitted) Administrative expense Officers' salaries Depreciation of office furniture and equipment Cost of goods sold $ 4,900 3,960 60,570 Rent revenue 17,230 Selling expense Delivery expense 2,690 Sales commissions 7,980 Depreciation of sales equipment 6,480 Sales revenue 98,500 Income tax 9,070 Interest expense 1,860 (b) Prepare an income statement for the year 2020 using the si P. BRIDE COMPANY Income Statement For the Year Ended December 31, 2020 (In thousands, except earnings per share) Revenues Instructions (a) Prepare an income statement for the year 2020 using the multiple-step form. Common shares outstanding for 2020 total 40,550 (000 omitted). P. BRIDE COMPANY Income Statement For the Year Ended December 31, 2020 (In thousands except eamings per share) Expenses Operating Expenses Other Revenues and Gains Other Expenses and Losses (c) Which one do you prefer? Discuss I prefer Single-step form because I still find the multiple- step form a bit confusing still