Prepare an income statement for the year 2020 using the multiple-step form

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 Novak Company ($000 omitted). Administrative expense Officers' salaries $5,587 Depreciation of office furniture and equipment 4,647 Cost of goods sold 61,257 Rent revenue 17.917 Selling expense 3,377 Delivery expense Sales commissions 8,667 7,167 Depreciation of sales equipment ces 97.187 Sales revenue ner -sion 9,757 Income tax 2,547 Interest expense on Common shares outstanding for 2020 total 24,196 (000 omitted)