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 2017 information related to Grouper Company ($000 omitted).

Administrative expenseOfficers' salaries$5,006Depreciation of office furniture and equipment4,066Cost of goods sold60,676Rent revenue17,336Selling expenseDelivery expense2,796Sales commissions8,086Depreciation of sales equipment6,586Sales revenue96,606Income tax9,176Interest expense1,966

Common shares outstanding for 2017 total40,550(000 omitted).

A) Prepare income statement for the year 2017 using the multiple-step form.

B) Prepare income statement for the year 2017 using the single-step form