Exercise 4-5 (Part Level Submission) 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 2017 information related to Ayayai Company ($000 omitted). Administrative expense Officers' salaries $5,168 Depreciation of office furniture and equipment Cost of goods sold 4,228 60,838 Rent revenue 17,498 Selling expense Delivery expense 2,958 Sales commissions 8,248 Depreciation of sales equipment Sales revenue 6,748 96,768 Income tax 9,338 Interest expense 2,128 Common shares outstanding for 207 total 40,550 (000 omitted). (a) Prepare an income statement for the year 2017 using the multiple-step form. (Round earnings per share to 2 decimal places e.g. 1.48.) TOR PRINTER VERSION BACK NEXT (In thousands, except earnings per share) Sales Revenue 96768 Cost of Goods Sold 60838 Gross Profit / (Loss) 35930 Expenses Selling Expenses Sales Commission 8248 Salaries and Wages Expense 5168 Depreciation Expense 4228 Total Administrative Expenses 17644 $ Total Selling Expenses dy Interest Revenue Rent Revenue Income Before Income Tax Expenses Interest Expense Revenues 1ncome Before Income Tax N Incoms (ors) Show all SUBMIT ANSWER iM6 LATER (b) The parts of this question must be completed in order. This part will be available when you complete the part above