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 toConcordCompany ($000 omitted).

Administrative expense

Officers' salaries

$5,348Depreciation of office furniture and equipment

4,408Cost of goods sold

61,018Rent revenue

17,678Selling expense

Delivery expense

3,138Sales commissions

8,428Depreciation of sales equipment

6,928Sales revenue

96,948Income tax

9,518Interest expense

2,308

Common shares outstanding for 2020 total33,830(000 omitted).

Prepare income statement for the year 2020 using the single-step form.