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 Oriole Company ($000 omitted). Administrative expense Officers' salaries Depreciation of office furniture and equipment $5,592 4,652 Cost of goods sold Rent revenue Selling expense Delivery expense Sales commissions 61,262 17,922 3,382 8,672 Depreciation of sales equipment 7,172 Sales revenue 97,192 Income tax 9,762 Interest expense 2,552 Common shares outstanding for 2020 total 30,170 (000 omitted).