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 Novak Company ($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.) Administrative expense Officers' salaries $5,587 Depreciation of office furniture and equipment 4,647 Cost of goods sold 61,257 Rent revenue 17,917 Selling expense Delivery expense 3.377 Sales commissions 8.667 Depreciation of sales equipment 7,167 Sales revenue 97,187 Income tax Interest expense 9,757 2,547 Common shares outstanding for 2020 total 24,196 (000 omitted). NOVAK COMPANY Income Statement For the Year Ended December 31, 2020 (In thousands, except earnings per share) $ $ $