TWO ACCOUNTANTS FOR THE ACCOUNTING FIRM OF PHAM AND PUN 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 SAGHIR COMPANY ($000OMITTED).

INSTRUCTIONS:

1. PREPAREANINCOMESTATEMENTFORTHEYEAR2017USINGTHEMULTIPLE-STEPFORM.COMMONSHARESOUTSTANDINGFOR2017TOTAL 40,550 (000 OMITTED).
2. PREPARE AN INCOME STATEMENT FOR THE YEAR 2017 USING THE SINGLE-STEPFORD.