Question 2 of 5 -/ 25 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 Vaughn Company ($000 omitted). Administrative expense Officers' salaries $5,039 Depreciation of office furniture and equipment 4,099 Cost of goods sold 60.709 Rent revenue 17.369 Selling expense Delivery expense 2.829 Sales commissions 8,119 Depreciation of sales equipment Sales revenue 9,209 1.999 6,619 96,639 Income tax Interest expense Common shares outstanding for 2020 total 38,465 (000 omitted). (a) Prepare an income statement for the year 2020 using the multiple-step form. (Round earnings per share to 2 decimal places, es. 1.48.) VAUGHN COMPANY Income Statement (In thousands, except earnings per share)