Two accountants for the accounting firm of Welch and Moore are arguing about the merits of presenting an income statement in a multiple-step versus a single-step format. The discussion involves the following information related to Pruitt Company for the current year ($000 omitted). Common stock Accounts Receivable Rental revenue Cost of goods sold 240,400 21,890 18,438 128,715 Retained earnings 64,517 Administrative expenses: Salaries and wages expense 92,345 Depreciation of office furniture 2,530 Income tax expense 7,304 Sales 272,583 Notes Payable 26,000 Inventory 22,376 Salaries and wages payable 6,850 Interest expense 1,540 Shipping Selling expenses: Sales commissions Depreciation of sales equipment 12,882 18,938 6,500 Required: (a) Prepare an income statement for the current year using the single-step form. Average common shares outstanding were 15,000 (000 omitted). (b) Prepare an income statement for the current year using the multiple-step form. (c) Which one do you prefer? Explain. Note: I suggest you prepare your submission using spreadsheet software such as Excel. Hint: Textbook pages 4-9 and 4-10 provide good examples to follow for this