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 Metlock Company ($000 omitted). Administrative expense Officers' salaries $5,401 Depreciation of office furniture and equipment 4,461 Cost of goods sold 61,071 Rent revenue 17,731 Selling expense Delivery expense 3,191 Sales commissions 8,481 Depreciation of sales equipment 6,981 Sales revenue 97,001 Income tax 9,571 Interest expense 2,361 Common shares outstanding for 2020 total 26,428 (000 omitted).

Prepare an income statement for the year 2020 using the single-step form. (Round earnings per share to 2 decimal places, e.g. 1.48.)

(In thousands, except earnings per share) Revenues Sales Revenue $ 97001 Rent Revenue 17731 Total Revenues 114732 Expenses Cost of Goods Sold 61071 Salaries and Wages Expense 5401 Depreciation Expense 4461 Selling Expenses 3191