E4.7 (LO2, 3, 5) (Income Statement) The accountant of Weatherspoon 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, 2019. Rent revenue 29,000 Interest expense 18,000 Unrealized gain on non-trading equity securities, net of tax 31,000 Selling expenses 140,000 Income tax 30,600 Administrative expenses 181,000 Cost of goods sold 516,000 Net sales 980,000 Cash dividends declared 16,000 Loss on sale of plant assets 15,000 There were 20,000 ordinary shares outstanding during the year. Instructions a. Prepare a comprehensive income statement using the combined statement approach. b. Prepare a comprehensive income statement using the two statement approach. c. Which format do you prefer? Discuss