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 Kingbird Company ($000 omitted).

Administrative expense
Officers' salaries		$4,957
Depreciation of office furniture and equipment		4,017
Cost of goods sold		60,627
Rent revenue		17,287
Selling expense
Delivery expense		2,747
Sales commissions		8,037
Depreciation of sales equipment		6,537
Sales revenue		96,557
Income tax		9,127
Interest expense		1,917

Common shares outstanding for 2020 total 39,695 (000 omitted).

(a)

Prepare an income statement for the year 2020 using the multiple-step form.