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 Vaughn Company ($000 omitted). Administrative expense Officers' salaries $5,039 Depreciation of office furniture and equipment 4,099 Cost of goods sold 60,709 Rent revenue 17,369 Selling expense Delivery expense 2,829 Sales commissions 8,119 Depreciation of sales equipment 6,619 Sales revenue 96.639 Income tax 9,209 Interest expense 1,999 (a) Prepare an income statement for the year 2025 using the multiple-step form. Common shares outstanding for 2025 total 38,465 (000 omitted). (Round earnings per share to 2 decimal places, e.g. 1.48. Enter other revenue and gains before other expenses and losses) Sales Revenue Cost of Goods Sold Gross Profit Income from Operations Selling Expenses VAUGHN COMPANY Income Statement For the Year Ended December 31, 2025 (In thousands, except earnings per share)