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 Sheridan Company ($000 omitted) Administrative expense $5,135 4,195 60,805 17,465 Officers' salaries Depreciation of office furniture and equipment Cost of goods sold Rent revenue Selling expense 2,925 8,215 6,715 96,735 9,305 2,095 Delivery expense Sales commissions Depreciation of sales equipment Sales revenue Income tax Interest expense Common shares outstanding for 2017 total 40,550 (000 omitted)