Problem 2-6 Single-Step Income Statement LO5 The following income statement items, arranged in alphabetical order, are taken from the records of Shaw Corporation for the current year: $ 1,500 2.415 29,200 $ 1.400 + 1,340 6.700 Advertising expense Commissions expense Cost of goods sold Depreciation expense office building Income tax expense Insurance expense- salesperson's auto Interest expense Interest revenue Rent revenue Salaries and wages expense-office Sales revenue Supplies expense-office 2.900 1.540 12,560 48,300 890 2,250 Required 1. Prepare a single-step income statement for the current year. 2. What weaknesses do you see in this form for the income statement