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 Waterway Company ($000 omitted). Administrative expense Officers' salaries $ 4,972 Depreciation of office furniture and equipment 4,032 Cost of goods sold 60,642 Rent revenue 17,302 Selling expense Delivery expense 2,762 Sales commissions 8,052 Depreciation of sales equipment 6,552 Sales revenue 96,572 Income tax 9,142 Interest expense 1,932 Common shares outstanding for 2020 total 31,576 (000 omitted). WATERWAY COMPANY Income Statement For the Year Ended December 31, 2020 (In thousands, except earnings per share) Revenues Sales revenue $ 96,572.00 Rent Revenue 17,302.00 Total Revenues 113,874.00 Expenses Cost of Goods Sold $60642 i Total Expenses Total Expenses Income Before Income Tax Income Tax Expense 9,142.00 i Net Income / (Loss) ta