E4-5 (Multiple-Step and Single-Step) 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 2014 information related to P. Bride Company ($000 omitted).

	Administrative expenses
	Officers' salaries				$4,900
	Depreciation of office furniture and equipment				3,960
	Cost of goods sold				60,570
	Rent revenue				17,230
	Selling expenses
	Transportation-out				2,690
	Sales commissions				7,980
	Depreciation of sales equipment				6,480
	Sales				96,500
	Income tax				9,070
	Interest expense				1,860
Instructions:
(a) Prepare an income statement for the year 2014 using the multiple-step form. Common shares outstanding for 2014 total 40,550 (000 omitted). (b) Prepare an income statement for the year 2014 using the single-step form.
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