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 $2025$ information related to Sheridan Company $($ $$000$ omitted$).$

Administrative expense

$($a$)$

$($b$)$

Your answer is partially correct.

Prepare an income statement for the year $2025$ using the single$-$step form. $($Round earnings per share to $2$ decimal places, eg$.1\mathrm{.}48.)$

SHERIDAN COMPANY

Income Statement:

$($In thousands, except earnings per share$)$