Exercise 4-05 a-b

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 Marigold Company ($000 omitted).

Administrative expense
Officers' salaries		$5,150
Depreciation of office furniture and equipment		4,210
Cost of goods sold		60,820
Rent revenue		17,480
Selling expense
Delivery expense		2,940
Sales commissions		8,230
Depreciation of sales equipment		6,730
Sales revenue		96,750
Income tax		9,320
Interest expense		2,110

Common shares outstanding for 2020 total 36,800 (000 omitted).

Prepare an income statement for the year 2020 using the multiple-step form. (Round earnings per share to 2 decimal places, e.g. 1.48.)