Question 1 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 2017 information related to Ayayai Company (SD00 omittec) Administrative expense Officers salaries Depreciation of office furniture and equipment Cost of goods sold Rent revenue Selling expense $5,202 4,252 60,872 17,532 2,992 8,292 6,792 96,902 9,372 2,162 Delivery expensa Depreciation of sales equipment Sales revenue Income tax Interest expense Common shares outstanding for 2017 total 40,550 (00D omitted). Prepare an income statement for the year 2017 using the multiple-step form. (Round earnings per share to 2 decimal places, e.g. 1.48.) AYAYAI COMPANY