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 Coronado Company ($000 omitted). $4,990 4,050 60,660 17,320 Administrative expense Officers' salaries Depreciation of office furniture and equipment Cost of goods sold Rent revenue Selling expense Delivery expense Sales commissions Depreciation of sales equipment Sales revenue Income tax Interest expense 2,780 8,070 6,570 96,590 9,160 1,950 Common shares outstanding for 2020 total 39,200 (000 omitted). Your answer is partially correct. Try again. 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.) CORONADO COMPANY Income Statement For the Year Ended December 31, 2020 (In thousands, except earnings per share) Cost of Goods Sold Gross Profit / (Loss) Operating Expenses Selling Expenses TDelivery Expense X Accumulated Depreciation 00 TSales Commission Other Expenses and Losses Administrative Expenses X x DONNA x SHOW LIST OF ACCOUNTS LINK TO TEXT X Your answer is incorrect. Try again. Prepare an income statement for the year 2020 using the single-step form. (Round earnings per share to 2 decimal places, e.g. 1.48.) CORONADO COMPANY Income Statement (In thousands, except earnings per share) 000 X x 00000000 SHOW LIST OF ACCOUNTS LINK TO TEXT Question Attempts: Unlimited