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 Blue Company ($000 omitted). Administrative expense Officers' salaries $5,214 Depreciation of office furniture and equipment 4,274 Cost of goods sold 60,884 Rent revenue 17,544 Selling expense Delivery expense 3,004 Sales commissions 8,294 Depreciation of sales equipment 6,794 Sales revenue 96,814 Income tax 9,384 Interest expense 2,174 Common shares outstanding for 2020 total 35,840 (000 omitted).