E4-6 The accountant of Weather spoon Shoe Co. has compiled the following information from the company's records as a basis for an income statement for the year ended December 31, 2010. Rental revenue $ 29,000 Interest expense 18,000 ''"Market appreciation on land above cost 31,000 Wages and salaries-sales 114,800 Materials and supplies-sales 17,600 Income tax 30,600 Wages and salaries-administrative 135,900 Other administrative expe ses 51,700 Cost of goods sold 516,000 Net sales 980,000 Depreciation on plant assets (70% selling, 30% administrative} 65,000 Cash dividends declared 16,000 There were 20,000 shares of common stock outstanding during the year. Instructions (a) Prepare a multiple step income statement. (b) Prepare a single-step income statement. (c) Which format do you prefer? Discuss