E5-2 LO 5.4 Simple Income Statement The following are selected items for Albertson Company as of December 31, 2016: Purchases (net) $63,000 Sales (net) $100,000 Merchandise inventory, January 1, 2016 20,000 Operating expenses 22,000 Gain on sale of equipment 5,000 The merchandise inventory on December 31, 2016, is $31,000. Ten thousand shares of common stock have been Outstanding the entire year. Albertson uses a periodic inventory system. Required: Assuming a 30% income tax rate on all items of income, prepare Albertson's 2016 income statement (1) a multiple-step format and (2) a single-step format