Multiple-Step and Single-Step Statements 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 P. Bride Company ($000 omitted). Administrative expense Officers salaries $4,900 Depreciation of office furniture and equipment 3,960 Cost of goods sold 60,570 Rent revenue 17,230 Selling expense Delivery expense 2,690 Sales commissions 7,980 Depreciation of sales equipment 6,480 Sales revenue 96,500 Income tax 9,070 Interest expense 1,860 Instructions (a) Prepare an income statement for the year 2020 using the multiple-step form. Common shares outstanding for 2020 total 40,550 (000 omitted). P. BRIDE COMPANY Income Statement For the Year Ended December 31, 2020 (In thousands, except earnings per share) Operating Expenses Other Revenues and Gains Other Expenses and Losses (b) Prepare an income statement for the year 2020 using the single-step form. P. BRIDE COMPANY Income Statement For the Year Ended December 31, 2020 (In thousands, except earnings per share) Revenues Expenses