Exercise 4-07 a-b (Part Level Submission) The accountant of Latifa Shoe Co. has compiled the following information from the company's records as a basis for an income statement for the year ended December 312020 Rent revenue $29,000 Interest expense 18,000 Market appreciation on land above cost 31,000 Salaries and wages expense (selling) 114,800 Supplies expense (selling) 17,600 Income tax 23,100 Salaries and wages expense (administrative) 135,900 Other administrative expenses 51,700 Cost of goods sold 496,000 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. There were 20,000 shares of common stock outstanding during the year. (c) Which format do you prefer, the multiple-step form or single-step form of income statement? Discuss Click if you would like to show Work for this questioni Open Show Work