Two accountants for the firm of Elwes 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 2020 information related to Marigold Company ($000 omitted). Administrative expense Officers' salaries Depreciation of office furniture and equipment Cost of goods sold $5,150 4,210 60,820 17,480 Rent revenue Selling expense Delivery expense Sales commissions Depreciation of sales equipment Sales revenue Income tax 2,940 8,230 6,730 96,750 9,320 2,110 Interest expense Common shares outstanding for 2020 total 36,800 (000 omitted). MARIGOLD COMPANY Income Statement (In thousands, except earnings per share) $ $ $ . 8 . A . MARIGOLD COMPANY Income Statement (In thousands, except earnings per share) $ 4 $ $