(L02,3,4) (Multiple-Step and Single-Step Statements) The accountant of Latifa Shoe Co. has piled the following sation from the company's records as a basis for an income statement for the year ended December 31, 2017 Rent revenue $ 29,000 Interest expense 18,000 Market appreciation on land above cost 31,000 Salaries and wages expense (selling) 114,800 Supplies (selling) 17,600 Income tax 37.400 184 Chapter 4 Income Statement and Related Information 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 $135,900 51,700 496,000 980,000 65,000 16,000 There were 20,000 shares of common stock outstanding during the year Instructions (a) Prepare a multiple-step income statement. (b) Prepare a single-step income statement. (c) Which format do you prefer? Discuss. IT Contoh