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 Bonita Company ($000 omitted). $5,420 4,480 61,090 17,750 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 3,210 8,500 7,000 97,020 9,590 2,380 Common shares outstanding for 2017 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.) BONITA COMPANY Income Statement (In thousands, except earnings per share) Prepare an income statement for the year 2017 using the single-step form. (Round earnings per share to 2 decimal places, e.g. 1.48.) BONITA COMPANY Income Statement For the Year Ended December 31, 2017 (In thousands, except earnings per share) Revenues | Sales Revenue 97020 Cost of Goods Sold T 61090 Gross Profit/ (Loss) 35930 Operating Expenses Delivery Expense 3210 X Sales Commission 8500 X Depreciation Expense 7000 Total Expenses 18710 Revenues Retained Earnings, December 31 13100 Earnings Per Share 3 2