Two accountants for the firm of Allen and Wright are arguing about the merits of presenting an income statement in a multiple-step versus a single-step format. The discussion involves the following 2012 information related to Webster Company ($000 omitted). Administrative expense Officer's salaries $ 5,320 Depreciation of office furniture and equipment 4,460 Cost of goods sold 60,950 Rental revenue 18,060 Selling expense Transportation-out 2,690 Sales commissions 7,980 Depreciation of sales equipment 6,480 Sales 97,620 Income tax 9,070 Interest expense 1,860 (a) Prepare an income statement for the year 2012 using the multiple-step form. Common shares outstanding for 2012 total 40,550 (000 omitted)