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 Blue Company ($000 omitted). $5,214 4.274 60,884 17,544 Administrative expense Officers' salaries Depreciation of office furniture and equipment Cost of goods sold Rent revenue Selling expense Delivery expense Sales commissions Depreciation of sales equipment Sales revenue 3,004 8,294 6,794 96,814 9,384 Income tax Interest expense 2.174 Common shares outstanding for 2020 total 35.840 (000 omitted). BLUE COMPANY Income Statement For the Year Ended December 31, 2020 (In thousands, except earnings per share) Sales Revenue Cost of Goods Sold Gross Profit/(Loss) Operating Expenses Selling Expenses Delivery Expense $ 3004 i Depreciation Expense 6794 i Sales Commission 8294 i Total Selling Expenses $ 18092 i Administrative Expenses Salaries and Wages Expense 5214 Depreciation Expense 4274 i BLUE COMPANY Income Statement For the Year Ended December 31, 2020 (In thousands, except earnings per share) $ 96814 60884 i 35930 $ $ 3004 i 6794 i 8294 i $ $ 18092 i 1 5214 i 4274 i ULIT Total Selling Expenses $ 18092 Administrative Expenses Salaries and Wages Expense 5214 i Depreciation Expense 4274 i Total Administrative Expenses 9488 i Income From Operations Other Revenues and Gains Rent Revenue Other Expenses and Losses Interest Expense Income Before Income Tax Income Tax Expense Not Incomo llore $ 18092 5214 4274 M Other Revenues and Gains Rent Revenue Other Expenses and Losses Interest Expense Income Before Income Tax Income Tax Expense Net Income /(Loss)