Stober's Lawn Sprinkler Company sells irrigation equipment. Below is the information necessary to prepare Stober's income statement for the year ending December 31, 20X7. Stober attributes 60% of the rent and utilities to selling functions, and the remainder to general and administrative activities. Seventy percent of the salaries are devoted to sales.

Prepare an income statement in both single-step and multiple-step formats.

Advertising expense $ 33,998

Cost of goods sold 466,773

Rent expense 144,000

Salaries expense 166,321

Net sales 972,299

Income tax expense 30,000

Utilities expense 26,997

Interest expense 18,500