Problem #1 (Multiple-step and Single-step) (50 points) Two accountants for the accounting firm of Pham and Pun are arguing about the merits of presenting an income statement in a multiple-step versus a single-step format. The discussion involves the following 2017 information related to Saghir Company ($000 omitted) Administrative expense $6,860 5,544 84,798 24,122 Officers' salaries Depreciation of office furniture and equipment Cost of goods sold Rental revenue Selling expense Transportation-out Sales commissions 3,766 11,172 9,072 135,100 12,698 2,604 Depreciation of sales equipment Sales Income tax Interest expense Instructions (a) Prepare an income statement for the year 2017 using the multiple-step form. Common shares outstanding for 2017 total 40,550 (000 omitted) (b) Prepare an income statement for the year 2017 using the single-step form