Prepare an income statement for the year of 2020 using the single-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 3,377 Selling expense Delivery expense Sales commissions Depreciation of sales equipment 8.667 7,167 97.187 ces Sales revenue 9,757 ner Income tax sion 2.547 Interest expense Common shares outstanding for 2020 total 24,196 (000 omitted)