Two accountants for the firm of Elwes and Wright are arguing about the merits of presenting an income statement in a multiple-ste versus a single-step format. The discussion involves the following 2020 information related to Skysong Company ($000 omitted). Administrative expense Officers' salaries $4,981 Depreciation of office furniture and equipment 4,041 Cost of goods sold 60,651 Rent revenue 17,311 Selling expense Delivery expense 2,771 Sales commissions 8,061 Depreciation of sales equipment 6,561 Sales revenue 96,581 Income tax 9,151 Interest expense 1,941 Common shares outstanding for 2020 total 31,468 (000 omitted). - 99+