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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 2020 information related to Crane Company ($000 omitted). Administrative expense Officers' salaries $ 5,135 Depreciation of office furniture and equipment 4.195 Cost of goods sold 60,805 Rent revenue 17,465 Selling expense Delivery expense 2.925 Sales commissions 8.215 Depreciation of sales equipment 6,715 Sales revenue 96.735 Income tax 9.305 Interest expense 2095 Common shares outstanding for 2020 total 37,025 (000 omitted). (a) Prepare an income statement for the year 2020 using the multiple-step form. (Round earnings per share to 2 decimal places, eg. 1.48.) CRANE COMPANY Income Statement For the Year Ended December 31, 2020 (In thousands, except earnings per share) Sales Revenue Cost of Goods Sold CRANE COMPANY Income Statement For the Year Ended December 31, 2020 (In thousands, except earnings per share) Sales Revenue $ Cost of Goods Sold $ 27 A LA ii Jork 6 Question 3 of 3 Expenses Gross Profit/ (Loss) Income Before Income Tax Income From Operations Net Income /(Loss) Operating Expenses Revenues Total Expenses Total Revenues Selling Expenses Administrative Expenses Total Selling Expenses Total Administrative Expenses Other Expenses and Losses Earnings Per Share re to search