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 Wildhorse Company ($000 omitted). Administrative expense Officers' salaries $5,202 Depreciation of office furniture and equipment 4,262 Cost of goods sold 60,872 Rent revenue 17,532 Selling expense Delivery expense 2,992 Sales commissions 8,282 Depreciation of sales equipment 6,782 Sales revenue 96,802 Income tax 9,372 Interest expense 2.162