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 Cheyenne Company ($000 omitted).

Administrative expense
Officers' salaries	$4,981
Depreciation of office furniture and equipment	4,041
Cost of goods sold	60,651
Rent revenue	17,311
Selling expense
Delivery expense	2,771
Sales commissions	8,061
Depreciation of sales equipment	6,561
Sales revenue	96,581
Income tax	9,151
Interest expense	1,941

Common shares outstanding for 2017 total40,550(000 omitted). Warning

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(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.)