In its statement of profit or loss for the year ended 31 December 2018, Bach Company reported the following condensed data.

Administrative expenses	$435,000		Selling expenses	$490,000
Cost of sales	1,289,000		Discount allowed	10,000
Interest expense	70,000		Net sales	2,342,000
Interest revenue	28,000

Required (a) Prepare a multiple-step statement of profit or loss.

(b) Prepare a single-step statement of profit or loss.