Question 3 of 5 - / 10 III View Policies Current Attempt in Progress 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 Blue Company ($000 omitted). Administrative expense Officers' salaries $5,214 4,274 Depreciation of office furniture and equipment Cost of goods sold 60,884 Rent revenue 17,544 Selling expense Delivery expense 3,004 Sales commissions 8,294 Depreciation of sales equipment 6,794 Sales revenue 96,814 Income tax 9,384 Interest expense 2,174 Common shares outstanding for 2020 total 35,840 (000 omitted). Question 3 of 5 - / 10 Prepare an income statement for the year 2020 using the multiple-step form. (Round earnings per share to 2 decimal places, e.g. 1.48.) BLUE COMPANY Income Statement For the Year Ended December 31, 2020 (In thousands, except earnings per share) Net sales $ Cost of Goods Sold Gross Profit/(Loss) Operating Expenses - / 10 Question 3 of 5 List of Accounts Save for Later Attempts: 0 of 15 used Submit Answer (b) Prepare an income statement for the year 2020 using the single-step form. (Round earnings per share to 2 decimal places, eg. 1.48.) BLUE COMPANY Income Statement (In thousands, except earnings per share) $