Exercise 4-7 The accountant of Monty Shoe Co. has compiled the following information from the company's records as a basis for an income statement for the year ended December 31, 2017. Rent revenue Interest expense Market appreciation on land above cost Salaries and wages expense (selling) Supplies expense (selling) Income tax Salaries and wages expense (administrative) Other administrative expenses Cost of goods sold Net sales Depreciation on plant assets (70% selling, 30% administrative) Cash dividends declared $31,700 20,700 33,700 117,500 20,300 40,100 138,600 54,400 498,700 982,700 67,700 18,700 There were 18,050 shares of common stock outstanding during the year. Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.48.) MONTY SHOE CO. Income Statement Prepare a single-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.48.) MONTY SHOE CO. Income Statement