The following information is available for Wright Auto Supply at December 31, 2011.

Cost of goods sold $277,000 Rent expense $ 18,000

Depreciation expense 29,000 Salaries (administrative) 32,000

Income taxes expense 38,085 Sales revenue 583,900

Interest expense 2,700 Wages expense (salespeople) 98,250

Required: 1. Prepare a single-step income statement for the year ended December 31, 2011. 2. Prepare a multiple-step income statement for the year ended December 31, 2011. 3. Conceptual Connection: Comment on the differences between the single-step and the multiplestep income statements