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 2017 information related to Wildhorse Company ($000 omitted).

Administrative Expense

Officers' salaries. $ 4,990 Depreciation of office furniture and equipment $4,050

Cost of goods sold. 60,660 Rent Revenue. 17,320 Selling expense. Delivery expense. 2,780 Sales Commissions. 8070 Depreciation of sales equipment. 6,570

Sales Revenue. 96,590 Income tax. 9,160 Interest expense. 1,950

Common shares outstanding for 2017 total 40,550 (000 omitted).

a. Prepare an incomestatement for the year 2017 using the multiple-step form