The accountant of Latifa Shoe Co. has compiled the following information from the companys records as a basis for an income statement for the year ended December 31, 2020.

Rent revenue		$29,000
Interest expense		18,000
Market appreciation on land above cost		31,000
Salaries and wages expense (selling)		114,800
Supplies expense (selling)		17,600
Income tax		23,100
Salaries and wages expense (administrative)		135,900
Other administrative expenses		51,700
Cost of goods sold		496,000
Net sales		980,000
Depreciation on plant assets (70% selling, 30% administrative)		65,000
Cash dividends declared		16,000

There were 20,000 shares of common stock outstanding during the year.

(a) prepare a multiple step income statement

(b) prepare a single step income statement