Question 4 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 Flint Company ($000 omitted). Administrative expense Officers' salaries $5,297 Depreciation of office furniture and equipment 4,357 Cost of goods sold 60,967 Rent revenue 17,627 Selling expense Delivery expense 3,087 Sales commissions 8,377 Depreciation of sales equipment 6,877 Sales revenue 96,897 Income tax 9,467 Interest expense 2,257 Common shares outstanding for 2017 total 40,550 (000 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.) FLINT COMPANY Income Statement (In thousands, except earnings per share) $ $ $